# Raymond James CIO Favors Tech Over Health Care as AI Investment Continues

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/50648
Published: 2026-11-07T06:57:10.000Z
Updated: 2026-11-07T06:57:10.000Z
Section: Investing

> Larry Adam says health care valuations are at a 20-year high and favors mega-cap technology, semiconductor infrastructure, cybersecurity and hyperscalers.

Raymond James Chief Investment Officer Larry Adam favors a gradual shift from health care to technology, saying continued infrastructure work and earnings revisions suggest the artificial intelligence investment cycle remains active.

“I don't think that it's over when it comes to AI,” Adam said. He pointed to ongoing infrastructure development, upwardly revised earnings projections and what he views as discounted valuations in some AI and semiconductor stocks.

Adam said health care valuations were at their highest level in 20 years. In technology, he favors mega-cap companies, semiconductor infrastructure plays, cybersecurity stocks and hyperscalers.

He also favors companies higher in the capitalization structure, citing financing advantages and lower sensitivity to interest rates.