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, no matter how much momentum it seems to have. Fortunately, a number of non-AI stocks have stood out for their 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 drivers fueling AI stock performance. All of these companies also have factors that suggest momentum could continue, making them a potential diversification play for the rest of the year for those either concerned about an AI bubble or simply looking to diversify.
DaVita's Dialysis Business Continues to Grow Regardless of Economic Conditions
DaVita is a kidney dialysis company providing outpatient services and other clinical care. Its role within the health care sector makes it essentially immune to shifting economic cycles—individuals with late-stage renal disease require dialysis services multiple times per week regardless, 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 improved its cost discipline. After a solid Q2 2026 that included better-than-expected performance 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 supply.
Analysts see DaVita boosting earnings by more than 18% in the year to come, which could fuel an additional 26% in upside even after the recent, robust rally. Even after shares have risen dramatically, DaVita is still relatively modestly valued compared to its broader sector: it trades at about 15x earnings, much lower than the health care space overall.
Franklin Resources Has Tempered Its Flow Problem, But Can It Continue?
The company behind Franklin Templeton has returned about 38% YTD, following a series of underperforming years and driven by multiple catalysts.
First, outflows that have long been a concern for the company have moderated in recent quarters and, at times, even reversed course. Barring a significant shift in investment performance, fund flows are likely to continue trending upward.
Beyond that, Franklin Resources has generated better-than-expected earnings, including a 6-cent earnings per share (EPS) beat for the last quarter on top of 14% in year over year (YOY) revenue growth. General strength in the equities market has helped to drive improvement in the company's asset base, coinciding with a series of acquisitions that have begun to be integrated more fully.
To be sure, Franklin faces a major headwind in investor migration toward other exchange-traded funds (ETFs) by larger competitors, and it is heavily dependent upon the health of the broader market. Investors expecting the equities space overall to continue to do well might agree with analysts that BEN shares are worth holding.
Archer Daniels Midland Benefits From Global Trends That Remain Volatile
Just two years after 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 boosted its full-year adjusted EPS guidance by about a dollar on both the low and high ends of the range, with oilseed processing volumes worldwide rising amid higher demand for soybean meal.
The company's Nutrition segment has excellent momentum with a 51% sequential operating profit increase last quarter as well. What may be somewhat less clear is whether those trends will continue.
Given that the company's industry is heavily dependent upon geopolitics, weather, energy prices, and global trade, there are a number of factors that are uncertain heading into the end of the year. Analysts are cautious given all of those considerations, calling ADM stock a Hold overall, but the firm remains minimally dependent upon AI trends for investors seeking a diverse perspective.
The article "3 Surging Stocks That Don’t Need the AI Boom to Keep Winning" first appeared on MarketBeat.
