2 Glorious Growth Stocks Bucking the Recent Tech Sell-Off

This looks more like a positioning unwind than a durable fundamental regime change: the market is punishing crowded AI-infrastructure names while rewarding “AI-adjacent” software where valuation reset was already done. In the next 1-4 weeks, that can persist because long-only flows are likely to rotate into names with visible revenue and lower capex intensity, but the relative move is vulnerable once the semis’ earnings revisions stabilize.

TEAM is the cleaner beneficiary because it sits closer to workflow expansion than infrastructure spend, so it can gain even if enterprise budgets stay flat. The second-order loser is not just AVGO/MU, but also any data-center supply-chain name priced for linear capex growth; if hyperscaler spending pauses even briefly, the multiple compression can spread to equipment, memory, and foundry exposure.

CRWD is a higher-quality business but the stock already discounts continued flawless execution; that makes it more of a sentiment trade than a high-conviction fundamental rerate here. The key falsifier is any sign that incremental AI-security modules are promotional rather than monetizable, or that net new ARR slows while the market is paying peak multiples. Over 3-6 months, the best setup is still relative value: long the software names with room to re-rate, short the most crowded AI beneficiaries if earnings guide modestly lower.

Contrarian view: consensus may be underestimating how quickly AI infrastructure spending can re-accelerate if model training and inference demand inflect again, which would snap back AVGO/MU/NVDA and reverse the current factor trade. Conversely, the move into TEAM/CRWD may be partially overdone if investors are treating them as pure AI winners rather than premium software franchises that still need durable billings momentum to justify current prices.