Natural resources could emerge as unexpected winners from the artificial intelligence boom, according to analysts at BCA Research. While most investors focus on AI technology companies, BCA suggests commodities and resource-heavy sectors may see greater gains as AI-driven productivity boosts global demand.

In a research note, BCA analysts including Peter Berezin argue that AI's impact on corporate profits may be more limited than expected. Software stocks have already experienced significant selloffs, illustrating how AI could disrupt existing business models. The analysts contend that while AI reduces software development costs across the industry, it doesn't create lasting competitive advantages for any single company.

Commodities, however, stand to benefit from AI-driven economic growth. BCA predicts surging demand for consumer and capital goods, as well as prime real estate, as productivity gains translate into increased consumption. The firm recommends long positions in natural resources and companies with large land holdings, including Howard Hughes Holdings, as a way to capitalize on this trend. This contrarian view challenges the prevailing narrative that AI spending will primarily benefit technology companies and their investors.