Morningstar's Dave Sekera says the A.I. trade hasn't shown much weakness, but if you look under the surface of the market's strength, there's plenty of cracks to find. He points to industries like commodity chemicals, transportation, and industrials not connected to A.I. taking big hits to earnings. Dave says there are "deep value" plays to find as long as investors can "white knuckle" quarters ahead. He explains why the energy, health care, and real estate sectors are undervalued plays that can also serve as defense. That's not to say Dave doesn't see value trades in A.I., though he believes they're becoming few and far between.

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