Parnassus Value Equity Fund Q2 2026 Portfolio Review

AMD’s move matters less as a one-day AI tape and more as a confirmation that incremental hyperscaler capex is broadening beyond the obvious GPU leader. That should continue to support the semiconductor equipment and advanced packaging ecosystem, while pressuring legacy CPU share more directly at INTC than the market may be pricing. The near-term risk is that investors extrapolate order strength into a straight-line margin story; if AI revenue is still concentrated in a narrow set of customers, any capex digestion will hit the multiple before it hits reported revenue.

VZ is a different problem: restructuring charges tend to be a lagging tell that the operating model still needs more cash than the market wants to finance at current rates. In a higher-for-longer regime, telecom leverage is the real equity overhang, so even “defensive” revenue can fail to support the stock if refinancing spreads widen or wireless churn worsens. The second-order effect is that capital can rotate out of bond proxies and into true cash compounders, which is supportive for KO relative to telecoms.

KO looks more durable than the headline suggests because pricing power plus distribution scale should preserve margins even if defensives stay under pressure. But the stock is still a low-growth multiple business, so the upside is mostly relative safety rather than operating acceleration. Consensus may be underestimating how little earnings deterioration is needed to compress VZ’s equity value, while overestimating how much AI enthusiasm alone can support AMD without a cleaner forward guide.