Hedge fund favourites tied to the AI boom just went through a rough patch, with sharp de-grossing and an unwind in crowded trades pulling attention away from mega-cap tech. That shift has put quieter U.S. large caps on the radar as potential beneficiaries of any move away from concentrated AI positions. This article walks through three stocks exposed to that news backdrop and explains why they might deserve a closer look now.

The stocks covered below are a starting sample from this theme, while the full screen surfaced 13 more U.S. large caps with similarly strong quality and risk profiles that are not tied to common AI or semiconductor terms. To size up the wider opportunity set and identify your own highest conviction ideas, go straight to the Non-AI U.S. Large-Cap Stocks (Under-owned vs. Hedge Fund AI Crowding) screener.

Cooper Companies (COO)

Overview: Cooper Companies is a U.S. large-cap healthcare group that develops, manufactures, and sells contact lenses and women’s health products, giving investors exposure to vision care and fertility markets rather than AI or semiconductor trends. Through its CooperVision and CooperSurgical segments, it serves eye care professionals, hospitals, clinics, and retailers worldwide with contact lenses, fertility products, and contraception such as the Paragard IUD.

Operations: Cooper Companies generates most of its revenue from CooperVision at about US$2.8b and CooperSurgical at about US$1.4b, with sales spread across the United States and Europe.

Market Cap: US$14.9b

Cooper Companies gives you a way to tilt a portfolio toward large-cap healthcare at a time when hedge funds are cutting back crowded AI positions. The contact lens business is backed by premium products like MyDAY and MiSight, while fertility and women’s health add a second, differentiated revenue stream. At the same time, margins have come under pressure and recent results included a net loss despite higher revenue, so execution on product transitions and cost control really matters. Analysts expect earnings to grow and free cash flow to improve as heavy investment eases, but competition, pricing pressure and weaker fertility and IUD demand could affect that trajectory. If those issues start to resolve, investors may feel they are early rather than late to Cooper Companies.

Cooper Companies has significant investment activity, pressured margins, and a recent net loss that could be masking the next phase of its story. Get the full context in the analysis report for Cooper Companies

Build your own healthcare quality shortlist

Cooper Companies and the two other stocks in this list all came from a single Simply Wall St screen, but the real value for you is in shaping your own filters. Use our customisable Screener to mix metrics like valuation, earnings, balance sheet strength and risks, or start with any of our curated Investing Ideas.

Molina Healthcare (MOH)

Overview: Molina Healthcare is a U.S. health insurer that manages Medicaid, Medicare and Affordable Care Act marketplace plans for low income and vulnerable members, giving you exposure to policy driven healthcare spending rather than AI or semiconductor trends. It fits the Non AI U.S. Large Cap Stocks screener as a defensive large cap that could draw attention if investors shift some capital from crowded tech into more stable, healthcare linked cash flows.

Operations: Molina Healthcare generates the bulk of its US$42.5b revenue from Medicaid at about US$32.1b, alongside US$6.2b from Medicare, US$3.6b from Marketplace and US$128m from Other, with a US$174m segment adjustment.

Market Cap: US$10.5b

Molina Healthcare may appeal to investors looking beyond AI heavy portfolios and toward steadier, policy anchored demand. The company focuses on Medicaid and Medicare members where contracts, RFP wins and disciplined cost control can have a big impact on earnings. At the same time, the stock carries risks from possible Medicaid funding cuts, Marketplace changes and integration challenges on acquisitions, all of which could pressure margins. For investors who want defensive healthcare exposure with a potential re rating story, that mix of policy support, valuation considerations and execution risk may make Molina worth a closer look.

Overlooked Medicaid scale and disciplined contracts could be masking a bigger Molina Healthcare story. Before you decide how it fits alongside crowded AI trades, review the analysis report for Molina Healthcare

CareTrust REIT (CTRE)

Overview: CareTrust REIT is a healthcare focused real estate investment trust that owns and leases skilled nursing, senior housing and other healthcare properties in the U.S. and U.K., giving you income exposure to ageing demographics rather than AI or semiconductor themes. It fits the Non AI U.S. Large Cap Stocks screener as an income generating large cap that could draw attention if investors rotate from crowded tech into under-owned healthcare real estate.

Operations: CareTrust REIT generates all of its US$571 million in revenue from investments in healthcare related real estate assets in the United States.

Market Cap: US$9.4b

CareTrust REIT may be relevant if you are looking for income and growth that are tied to ageing populations instead of the AI trade. The company has been active, with about US$900 million invested in Q2 2026 at an 8.9% blended yield and roughly US$1.5b deployed year to date, while normalized FFO grew 19% and full year guidance was raised. At the same time, the dividend yield of 3.92% is not fully covered by earnings and rapid expansion, higher funding reliance on external borrowing and regulatory risk in skilled nursing and U.K. care homes all add uncertainty. For investors who consider those risks manageable, the combination of high margins, growth in FFO and a wide discount to estimated fair value may make CareTrust REIT worth a closer look as investors reassess crowded AI positions.

CareTrust REIT’s rapid capital deployment and 19% normalized FFO growth may be masking a very different long term story for this healthcare landlord. Before you write it off as just another REIT, walk through the analysis report for CareTrust REIT

Seeking Fresh Alternatives Beyond AI?

Fresh ideas can move from quiet to breakout before most investors even notice. Avoid chasing momentum after it has already taken off. Consider exploring opportunities early.

• Spot companies quietly building momentum before headlines catch on by scanning the curated 19 high quality undiscovered gems while the valuations and attention gap still work in your favour.
• Focus on resilient earners that may hold up when weaker stocks drop by running the focused 79 resilient stocks with low risk scores before wider market attention shifts toward their stability.
• Look at the infrastructure supporting AI-related activity, not just the popular names, by tracking the hand picked 54 AI infrastructure stocks while these holdings remain under the radar.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.