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3 Surging Stocks That Don’t Need the AI Boom to Keep Winning

Author: Nathan Reiff. Posted: 9/21/2026.

With AI companies—and related chip stocks—driving much of the market's performance this year, it's understandable that some investors are hesitant to put all their trust in a burgeoning industry, regardless of its apparent momentum. Fortunately, several non-AI stocks have delivered strong performance throughout the first part of 2026.

Companies like DaVita Inc. (NYSE: DVA), Franklin Resources Inc. (NYSE: BEN), and Archer Daniels Midland Co. (NYSE: ADM) have all returned more than 30% year to date (YTD), with minimal reliance on the forces driving AI stock performance. Each company also has factors that could support continued momentum, making these stocks potential diversification plays for the rest of the year for investors concerned about an AI bubble or simply looking to diversify.

DaVita's Dialysis Business Continues to Grow Regardless of Economic Conditions

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DaVita is a kidney dialysis company that provides outpatient services and other clinical care. Its role within the health care sector makes it relatively insulated from shifting economic cycles: Individuals with late-stage renal disease require dialysis services multiple times per week, regardless of economic conditions, and DaVita is a leading provider of those services.

Shares of DVA are up more than 60% YTD as reimbursement rates have improved and the company has strengthened its cost discipline. After a solid Q2 2026 that included better-than-expected results on both the top and bottom lines, DaVita reaffirmed its bullish full-year guidance.

The company's momentum could continue as it expands its hemodialysis services with new technologies in future quarters, having already secured the necessary supplies.

Analysts expect DaVita to boost earnings by more than 18% in the coming year, which could fuel an additional 26% in upside even after the recent, robust rally. Despite its dramatic rise, DaVita remains relatively modestly valued compared with the broader sector. The stock trades at about 15 times earnings, well below the overall health care sector.

Franklin Resources Has Tempered Its Flow Problem, But Can It Continue?

The company behind Franklin Templeton has returned about 38% YTD after a series of underperforming years, driven by multiple catalysts.

First, outflows that have long concerned the company have moderated in recent quarters and, at times, even reversed. Barring a significant shift in investment performance, fund flows could continue trending upward.

Beyond that, Franklin Resources has delivered better-than-expected earnings, including a 6-cent earnings-per-share (EPS) beat for the latest quarter, along with 14% year-over-year (YOY) revenue growth. Broad strength in the equity markets has helped improve the company's asset base, while a series of acquisitions has begun to be more fully integrated.

To be sure, Franklin faces a major headwind from investors migrating toward exchange-traded funds (ETFs) offered by larger competitors, and it remains heavily dependent on the health of the broader market. Investors who expect the equity market overall to continue performing well may agree with analysts that BEN shares are worth holding.

Archer Daniels Midland Benefits From Global Trends That Remain Volatile

Just two years after paying a $40 million penalty related to an accounting scandal, food-processing and agricultural company Archer Daniels Midland has staged a significant turnaround, with shares rising 48% YTD. The company's agricultural commodity-processing operations stand to benefit from ongoing disruptions in the fertilizer supply chain caused by the war in Iran. As a result, grain-processing volumes and origination margins have recovered more quickly than expected.

Thanks to its execution in the first half of the year, ADM raised its full-year adjusted EPS guidance by about a dollar at both the low and high ends of the range. Oilseed-processing volumes worldwide also increased amid higher demand for soybean meal.

The company's Nutrition segment is showing excellent momentum, with operating profit increasing 51% sequentially last quarter. What remains less clear is whether those trends will continue.

Given the company's heavy exposure to geopolitics, weather, energy prices, and global trade, several factors remain uncertain heading into the end of the year. Analysts are cautious in light of these considerations, calling ADM stock a Hold overall. Still, the company remains minimally dependent on AI trends, offering investors another avenue for diversification.