With semiconductor and AI stocks under pressure after a sharp global selloff, some investors are taking a fresh look at dividend payers outside the tech spotlight. The news-driven volatility around Nvidia and other chipmakers has not hit every corner of the market in the same way. Some companies with a focus on dividend stability and lower risk profiles may see sentiment shift in their favor, while others could still face indirect headwinds. This article walks through 3 stocks from a Non-Tech Dividend Stocks screener that currently appear positively exposed to the latest market moves.

Brown-Forman (BF.B)

Overview: Brown-Forman is a US-based global spirits company that produces and sells whiskey, tequila, vodka, rum, liqueurs, and ready-to-drink cocktails under brands such as Jack Daniel's, Woodford Reserve, Old Forester, Herradura, and el Jimador. It distributes these products to retailers and consumers worldwide through a mix of distributors, governments, wholesalers, and direct channels.

Operations: Brown-Forman generates about US$3.9b from beverage alcohol consumer products, with key markets including the United States at roughly US$1.9b of revenue and additional contributions from Germany, Mexico, Australia, the United Kingdom, and other international regions.

Market Cap: US$12.1b

Brown-Forman is positioned in a market that is rotating away from more volatile AI and chip stocks toward steadier dividend payers. The company offers a 3.37% dividend yield and owns globally recognised brands. The stock trades about 29.1% below the Simply Wall St fair value estimate and slightly below the global beverage industry average P/E. That discount comes with trade offs. Earnings fell 17.7% over the past year, margins have compressed, sales in some developed markets are under pressure, and debt levels are high. Recent takeover interest from Sazerac and a CEO transition add another layer of uncertainty. For investors who prioritise dependable income and are considering companies that may benefit as sentiment shifts toward non tech dividends, Brown-Forman may warrant closer attention.

Brown-Forman’s 3.37% yield, global brands, and discount to the Simply Wall St fair value estimate point to a story that many investors may be underestimating.Brown-Forman’s 3.37% yield, global brands, and discount to the Simply Wall St fair value estimate point to a story that many investors may be underestimating. Start with the 3 key rewards and 1 important warning sign for the twist behind the recent earnings drop and takeover interest

Coca-Cola FEMSA. de (KOF)

Overview: Coca-Cola FEMSA. de is a major Latin American bottler that produces, sells, and distributes Coca-Cola trademark soft drinks, water, juices, dairy, energy drinks, and some alcoholic beverages across Mexico and several countries in Central and South America, supplying everything from corner stores to supermarkets, restaurants, and stadiums.

Market Cap: US$21.6b

Coca-Cola FEMSA. de sits at the intersection of defensive consumer demand and income appeal, which can look especially interesting when investors are rotating away from volatile chip and AI stocks. The company combines exposure to beverage consumption in markets like Brazil and Mexico with an income stream supported by a roughly 4% dividend yield, while its P/E and DCF estimates suggest the shares trade below some valuation benchmarks. At the same time, investors need to weigh softer conditions in Mexico, FX swings, and competitive pressure that can affect margins and influence assessments of earnings quality. The full picture, including how digital initiatives and plant expansions fit in, is more nuanced than the headline metrics suggest.

Coca-Cola FEMSA. de combines defensive demand with a roughly 4% yield, yet FX swings and competition can be easy to overlook. Get the full context in the 4 key rewards and 1 important warning sign

American States Water (AWR)

Overview: American States Water is a US utility that supplies water and electricity to households, businesses, and military bases, with operations split across regulated water and electric services and long term contracted services on military installations. The company focuses on reliable infrastructure and regulated returns rather than high growth.

Operations: American States Water generates about US$475.2m from Water, US$60.9m from Electric, and US$143.2m from Contracted Services, all from within the United States.

Market Cap: US$3.4b

American States Water stands out in a market shaken by AI and semiconductor volatility because it offers a long record of dividend increases, steady regulated water and electric operations, and additional income from military base contracts. At the same time, the company carries high debt, has recently issued equity, and is heavily exposed to California regulation and water scarcity, which can affect rate outcomes and project economics. The stock also trades at a premium P/E, so expectations are already built into the price. For investors hunting for non tech dividend stability, the key consideration is whether American States Water’s balance of regulated projects, pending regulatory changes, and funding needs continues to support that premium and its dividend profile.

American States Water’s premium P/E and long dividend track record suggest investors may be missing what really sits behind its regulated projects and California exposure. The 3 key rewards and 2 important warning signs could change how you see that balance

The three stocks in this Non-Tech Dividend Stocks idea are only a small sample of what shows up when the full Non-Tech Dividend Stocks screener is applied. This currently flags 32 more large caps with similarly interesting income and risk stories. Use Simply Wall St to identify and analyze the specific catalysts, dividend profiles, and narratives that matter to you so you can focus on the highest conviction opportunities.

Take Control of Your Investment Journey

If American States Water or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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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.