Portfolio Manager Insights

My measured approach to investing in the AI boom

Fidelity’s Sam Polyak has approached the artificial-intelligence trend with a thoughtful investment approach that emphasizes discipline, selective exposure and risk management rather than broad participation driven by market enthusiasm.

By: Sam Polyak
Updated: 9/28/2026
  • The excitement surrounding AI presents both potential opportunities and risks, according to Fidelity Portfolio Manager Sam Polyak, so his approach focuses on selective investments, diversified sector exposure and avoiding decisions driven by market sentiment.
  • “I think of this as thoughtful ownership of AI-related stocks,” says Polyak, who manages Fidelity Advisor® Focused Emerging Markets Fund. “By remaining grounded, resisting crowd-driven positioning, and leaning into both AI and non-AI opportunities alike, my goal is to thoughtfully navigate a rapidly evolving landscape while maintaining a disciplined investment process.”
  • In leading the diversified emerging-markets equity strategy, Polyak employs a growth-at-a-reasonable-price approach to identify businesses positioned to capitalize on long-term secular drivers.
  • His measured perspective on the AI trend partly reflects his experience managing money through other periods of heightened market enthusiasm.
  • “To me, the current fervor surrounding AI echoes the late-1990s internet boom, in that the World Wide Web transformed how we live and work, but not before a long stretch of disappointment after the bubble burst in 2000, with the technology not beginning to reach its broader potential until about a decade later,” he says.
  • The lesson, Polyak explains, is that transformational technological advances do not always translate into smooth investment returns, so he remains mindful that the path ahead for AI could include periods of volatility.
  • The key, as he sees it, is selective exposure rather than broad enthusiasm. “Rather than chasing hype, my strategy focuses on specific businesses with clear, tangible connections to AI,” he adds.
  • As examples, the fund has invested in Samsung Electronics and MediaTek, according to Polyak. The former, a South Korean maker of memory chips, has been driven by a semiconductor shortage and a surge in pricing stemming from massive spending on AI, along with increased adoption of the technology, he says.
  • Additionally, Polyak cites Taiwan-based MediaTek, a manufacturer of advanced system-on-chip solutions that stands out for its reported partnership with Alphabet’s Google to develop next-generation AI processors, as well as its doubled AI revenue outlook of $2 billion by late 2026, underscoring its growing role in the semiconductor ecosystem.
  • Another high-conviction holding (as of July 31) he highlighted lies outside traditional tech: Shenzhen Inovance, a maker of factory automation and robotics equipment that has benefited from AI-driven manufacturing trends.
  • The firm maintains a strong foothold in China, says Polyak, with rapid growth stemming from its new energy vehicle segment, where revenue has grown considerably, reflecting its momentum.
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Active management Artificial intelligence Emerging Markets Equity Growth Information technology International
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Fidelity Advisor Focused Emerging Markets Fund (FIMKX)

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