Growth Beyond Tech: Five High-Flying Stocks Outside the AI Mega-Cap Pack

For much of the recent bull market, rapid expansion in US equities has been overwhelmingly centered on mega-cap technology and AI-linked names. According to Insider Monkey, ten AI-related stocks currently account for over 40% of the S&P 500’s market capitalization, with Nvidia, Apple, and Microsoft alone making up approximately 21.7%. As benchmarks become more concentrated, investors searching for meaningful growth are looking further afield, beyond the sphere of high-profile tech giants.

Why Non-Tech Growth Now Draws Attention

While large-cap tech continues to deliver, the scale of their valuations means growth expectations are both elevated and widely priced in. According to Russell Investments, analysts anticipate the “Magnificent Seven” to increase third-quarter earnings by 20.3% year over year, while the other 493 companies in the S&P 500 are expected to grow by 27.7%. This suggests growth is broadening and that strong earnings trajectories are increasingly found outside the AI trade.

Screening for opportunities, Insider Monkey’s methodology highlights non-tech issuers with market capitalizations above $20 billion and five-year compound EPS growth rates of at least 25%. This approach narrows the universe to a handful of large-cap names that are growing earnings at rates matching or exceeding their tech peers, even as tech valuations stretch ever higher.

The Companies Making the List

Vale S.A. (VALE), one of the world’s leading iron ore producers, is growing as it expands into copper and nickel through its Vale Base Metals unit. In the second quarter, iron ore production reached 84.3 million tons, the highest since 2018, and base metals EBITDA increased 79% to $1.29 billion. Copper production marked its best second quarter in nine years. However, with roughly half of revenue generated from China, the company remains sensitive to demand from Chinese industry and commodity cycles.

Phillips 66 (PSX) is benefiting from global refining conditions. Through mid-September, its shares had more than doubled for the year as supply constraints raised margins. In the third quarter, Phillips 66 posted adjusted earnings of $5.6 billion, up from $3.8 billion in the second quarter, on revenues totaling $51.5 billion. Refining adjusted pre-tax income jumped from $3.09 billion to $6.06 billion, aided by record Central Corridor processed inputs. While Morgan Stanley values Phillips 66 at a premium to peers, BMO notes the shareholder-return program could become more difficult to maintain if crack spreads narrow from current highs.

Reddit (RDDT) operates a popular online community platform and, though listed as a tech firm, is considered by Insider Monkey as distinct from typical AI mega-caps. In the second quarter, revenue climbed 61% to $805 million, the eighth consecutive quarter of 60%+ growth. Net income reached $253 million, and adjusted EBITDA was $343 million, yielding a 43% margin. However, user quality is a key variable: logged-in user growth was just 7%, while logged-out users, who are more transient, rose 27%. The company projects third-quarter revenue of $860–$870 million, a slower rate of growth that still amounts to strong expansion.

Boeing (BA), the aerospace and defense mainstay, is recovering in commercial deliveries while dealing with ongoing production challenges. Its third-quarter report showed revenue up 4% year over year to $24.2 billion, with defense revenue increasing 15% to $7.9 billion. Boeing delivered 161 commercial airplanes, the most since 2018, supported by a record total backlog of $745 billion. However, the company posted an adjusted loss of $0.34 per share, and its forward earnings multiple indicates the market is bracing for an extended recovery timeline.

Alnylam Pharmaceuticals (ALNY), a developer of RNAi therapeutics, passed a significant milestone when Amvuttra became its first medicine to top $1 billion in quarterly revenue. In the second quarter, total net product revenue reached $1.2 billion, up 74% year over year, led by an 89% increase in TTR franchise sales. Non-GAAP operating income more than tripled to $318 million, while cash reserves climbed to $3.3 billion. Third-quarter results will be closely watched for sustained momentum, with consensus expecting $1.43 billion in revenue, a rise of about 14% to 16% year over year.

Why It Matters

The core message from Insider Monkey’s review is that while AI and mega-cap tech drive headlines, high growth is increasingly visible across sectors like mining, energy, aerospace, and pharmaceuticals. As earnings momentum broadens, investor focus will likely shift toward companies where earnings growth is significant yet valuations remain relatively subdued compared to AI-labeled leaders. Sector-specific cycles and execution risks will play a larger role in determining outcomes as growth trends diverge across the broader market.

Results from Reddit and Alnylam

Analysts will monitor margins, revenue quality, and balance sheet strength among these non-tech growth names. Upcoming results from Reddit and Alnylam will indicate whether rapid growth is sustainable. For cyclicals like Vale and Phillips 66, trends in commodity demand, Chinese industrial policy, and global energy supply will be crucial. In Boeing’s case, delivery rates, cost management, and defense contract wins will be key, particularly as commercial production fluctuates.