Artificial intelligence (AI) is integrating with our daily lives—and we didn’t even realize it was happening.

Your phone makes word suggestions as you type a text based on your previous texts. Your vehicle’s GPS or smartphone GPS pops up directions when you turn on your car based on your previous trips at similar times on similar days. Music apps and streaming apps suggest songs/artists and tv shows/movies based on your favorites, as well as listening and viewing habits.

The list goes on and on—and that’s all AI.

What Is AI?

The best way to understand AI is through our pets.

Whether you’re an animal person or not, you probably understand that pets tend to “react” versus “think.” Now, cats, dogs and horses do think—and it can feel like they’re plotting against us, especially mischievous cats—but, by and large, most animals react.

Humans really aren’t all that different. We see it play out time and time again on Wall Street when investors “react first” and “think later,” when there is big news item or unexpected development. But humans do tend to think more and have more freewill than our pets.

But simply put, our pets are spying on us, watching our every move, following us from room to room and sometimes anticipating our next move. AI is no different.

A good example of this is that I have a home in Reno, Nevada that came with a shooting range and an area for an RV. But I don’t have an RV or any guns—and I’m not planning to buy any either. But AI has stereotyped me due to the house that I own, and now, I receive gun ads.

That’s what AI does; it stereotypes us and then tries to sell us a bunch of stuff.

The National Security Agency (NSA) and Central Intelligence Agency (CIA) work a little differently with AI, in that they look at everything. It’s very data intensive—and a little dangerous, in my opinion, since the agencies likely receive false flags or false correlations.

The better way to do AI is to find more accurate correlations. As an example, algorithms can consider your favorite sports, the foods you eat, the cars you tend to drive, the universities you attended, etc., and then build these little correlations based off real information. That’s the better way to do AI.

In other words, “work smarter, not harder.”

So, which companies are approaching AI in the right way? Interestingly enough, Goldman Sachs recently issued an extensive report on which stocks will benefit the most from AI.

• The report identified 93 companies that will profit from AI infrastructure, including semiconductor companies, cloud computing firms, data center real estate investment trusts (REITs), hardware and equipment companies, cybersecurity firms, and utilities.
• It also pinpointed 31 AI enabler companies, which include software companies and information technology (IT) service companies.
• And there were also 30 companies set to benefit from AI-generated productivity gains (think big box retailers, wholesalers and warehouse clubs, and healthcare-related companies).

Clearly, there isn’t just one way to play AI.

3 Ways to Play AI

So, which companies are approaching AI in the right way? Interestingly enough, Goldman Sachs recently issued an extensive report on which stocks will benefit the most from AI.

Investors have grown more and more optimistic about artificial intelligence, with some even predicting that the AI Revolution could create a lot of millionaires just like the go-go-go tech days back in the 1990s.

Bryan Perry, Senior Director with Navellier Private Client Group, commented:[1]

Some argue that AI is a bigger transformation than the internet itself, because it can affect every aspect of human life and society, from health care to education to entertainment. Others contend that the internet is still more transformative because it enabled the global connectivity and information access that made AI possible in the first place. But there is little argument that the application of AI on businesses will have huge positive impacts on productivity and efficiency while being enormously accretive to global GDP.

According to estimates by McKinsey (What works for digital and AI transformations?): “AI could add up to $13 trillion to the global economy by 2030, which is comparable to the impact of the internet in the past two decades. AI could also boost productivity by up to 40 percent and generate up to $9 trillion in annual value from innovation. However, AI also poses significant challenges and risks, such as ethical dilemmas, job displacement, and security threats, that require careful governance and regulation.”

Simply put, AI cannot be ignored. But where are the best, most profitable opportunities?

It may surprise you that I don’t actually recommend a single AI company—at least not one that’s primary focus is AI. Rather, I see better opportunities in companies that already have strong businesses and have figured out how to monetize the AI revolution within these businesses.

Personally, I think there are three areas within the AI Revolution that offer more opportunities to prosper than tying to invest in a pure play AI stock…

Building Blocks: Chips & Servers

It’s no secret that you need both hardware and software for technology to function properly. They go together better than peanut butter and jelly—but in my opinion, one is far superior to the other.

First, consider the primary differences between hardware and software.

Hardware are the building blocks, in that it is the physical parts of computers, data centers, electronics, etc. In other words, monitors and keyboards, as well as chips and servers. Software, on the other hand, is the program, operating system or instructions that enable hardware to function properly.

You can’t have one without the other.

AI infrastructure, or the AI stack, refers to the integrated hardware and software environment that supports artificial intelligence and machine learning (ML) workloads. The AI stack includes software, hardware and networks that are essential to build and deploy AI-powered applications. And there are six basic components of AI infrastructure that investors like us need to consider:

• Computational power
• Networking and connectivity frameworks
• Data handling and storage solutions
• Data processing frameworks
• Security and compliance
• Machine learnings operations

Source: AI Infrastructure: a comprehensive guide to building your AI stack | Future Processing (future-processing.com)[2]

In my opinion, our primary AI focus as investors needs to be on hardware companies, as I suspect they will be the biggest AI winners.

Hardware beats software, hands down.

The AI hardware market is forecast to expand exponentially in the upcoming years. A report from Precedence Research reveals that the AI hardware market could reach $473.53 billion by 2033, up 782% from $53.71 billion in 2023.[3]

[1] https://navellier.com/1-30-24-sizing-up-the-new-ai-driven-rally/

[2] https://navellier.com/6-25-24-the-torrid-ai-rally-takes-a-pause-that-refreshes/

[3] https://finance.yahoo.com/news/artificial-intelligence-ai-hardware-market-160100614.html

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

And we’ve already seen how this surge in demand for AI hardware has rewarded select stocks.

NVIDIA Corporation (NVDA), in my opinion, makes the best AI chips on the market right now, and thanks to persistent demand for its chips, the company has achieved quarter-after-quarter of record results. In its first quarter in fiscal year 2025, revenue soared 262% year-over-year to $26.0 billion, while earnings surged 462% year-over-year to $15.24 billion, or $6.12 per share.

Company management noted that “the next industrial revolution has begun,” as folks partner with NVIDIA to accelerate computing and build artificial intelligence data centers. NVIDIA experienced increased demand for AI in the first quarter, which drove its record data center growth. And the company expects persistent demand going forward.

As a result, the stock has soared to new heights in 2024.

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

Even more impressive, though, is Super Micro Computer, Inc. (SMCI), which uses NVIDIA’s AI chips on their server solutions for the cloud. The company has experienced strong demand for its AI servers, which has further expanded its leadership position in AI infrastructure.

As an example, for its third quarter in fiscal year 2024, sales soared 200.8% year-over-year to $3.85 billion, while earnings surged 308% year-over-year to $6.65 per share. With demand anticipated to remain robust, Super Micro Computer also increased its outlook for fiscal year 2024.

So, not too surprising, SMCI shares have also had a phenomenal year.

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

Now, some software companies are faring okay from the AI revolution. Microsoft Corporation (MSFT) has invested in OpenAI with ChatGPT. But Microsoft and other software companies have not been able to monetize it the way that Wall Street wants them to.

So, again, hardware continues to beat software in the AI race.

Power Play: Utilities & Infrastructure

This may come as a surprise to you: the utilities sector is one of the best-performing sectors of the year.

Now, utilities were one of the worst-performing sectors to start the year, primarily due to rising interest rates. You may recall that interest rates trekked higher in the first four months of the year, with the 10-year Treasury yield rising from 3.8% at the end of December 2023 to April’s high of 4.71%.[4]

As a result, the utilities sector vastly underperformed the broader market. But then utilities staged a late-spring turnaround, as interest rates have steadily declined with the 10-year Treasury yield dipping to about 4.18% today.[5]

[4] https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx

[5] Utilities Chart: https://finance.yahoo.com/sectors/utilities/

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

While the moderation in interest rates has aided utilities’ turnaround, the real reason why utilities are outperforming is AI.

A research report from Wells Fargo indicated that U.S. electricity demand is set to grow nearly 20% by 2030 due primarily to the AI boom.[6] After years of stagnant electricity demand (as depicted in the chart below[7]), AI and other new technologies are set to boost electricity demand significantly.

[6] https://www.cnbc.com/2024/05/05/ai-could-drive-natural-gas-boom-as-utilities-face-surging-electric-demand.html

[7] https://www.forbes.com/sites/randywatts/2024/05/17/power-up-your-portfolio-with-utilities/

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

Data center electricity consumption alone is expected to more than double by 2030. Goldman Sachs Research anticipates data center power demand will expand by a whopping 160% and account for about 8% of U.S. consumption by 2030, up from 3% in 2022.[8]

However, the U.S. power grid is stretched right now—and in its current state, it cannot accommodate the expected increase in power demand. The U.S. simply does not have enough electricity to keep up with increased demand for AI, data centers, and cloud service centers.

And that’s why I personally think the largest opportunity for investors could involve infrastructure.

With the U.S. looking to upgrade to more energy efficient systems, as well as to onshore more chip production, companies that provide electrical and mechanical construction, energy and industrial infrastructure and building services stand directly in line to benefit from a surge in power demand.

So, rather than own utility companies, our better bet are the companies that are helping build infrastructure for data centers, the cloud and utilities. Power management companies—ones that collaborate with utilities to generate, transmit and distribute power—also present tantalizing investment opportunities.

Safety First: Cybersecurity

The global pandemic accelerated businesses’ and schools’ transition to the cloud, as more folks needed to work remotely or attend classes and meetings online. And even though the pandemic is now in the rearview mirror, that transition has enabled a lot of folks to continue to work and school from home.

But that’s also opened the door to security breaches and cybercrime.

Forbes reports that cyberattacks increased exponentially in 2023, with 2,365 cyberattacks and more than 343 million victims. Data breaches rose 72% between 2021 and 2023, with a single data breach costing $4.45 million on average and more than 353 million impacted in 2023. And email security incidents also jumped, with 94% of organizations experiencing an incident.[9]

Ouch.

The good news is that AI is aiding in the detection and prevention of cyberattacks, phishing, malware, spoofing and other cybercrimes. The fact is AI can analyze large batches of data and then identify any anomalies or patterns. It can also help verify identities, authenticate transactions and monitor potential fraud risks.

As a result, the AI cybersecurity market is expected to grow more than four-fold within the current decade.

[8] https://www.goldmansachs.com/intelligence/pages/AI-poised-to-drive-160-increase-in-power-demand.html

[9] https://www.forbes.com/advisor/education/it-and-tech/cybersecurity-statistics/

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

As you can see in the chart above, the AI cybersecurity market was valued at only $24.3 billion in 2023. It’s anticipated to double by 2026 and then reach nearly $134.0 billion by 2030.[10]

To me, that spells opportunity.

The bottom line is that AI plays a critical role in enhancing security, safeguarding data, providing real-time threat detection and mitigation, and responding to threats quickly. And with AI and machine learning helping to identify and detect potential threats before they escalate, companies that provide these security services and solutions are expected to prosper.

I’m talking about companies that offer cloud security solutions, threat intelligence and cloud workload protection, as well as risk management, data protection, verification/validation solutions, risk mitigation, and more!

How to Start Investing in AI Today

In my opinion, investing in growth stocks is always the best—and first—course of action to setting your personal portfolios up for success.

You may already know this about me, I’m obsessed with fundamentally superior stocks. What constitutes a fundamentally superior stock? Stocks with strong sales and earnings growth, as well as positive analyst revisions. In other words, my main focus remains on the stocks with accelerating earnings momentum, as they should outperform throughout 2024.

My fascination with growth stocks started back in the late 1970s during my college years at Cal State Hayward. I wanted to uncover how to beat the market without taking on too much risk—and what I discovered was that a select group of stocks can consistently outperform the S&P 500: stocks with superior fundamentals.

Today, I’m a self-proclaimed “number guys” because the numbers do not lie—and right now, the numbers are telling me that stocks with accelerating earnings and sales momentum are the best way to prosper in 2024.

Our best defense is always a strong offense of fundamentally superior growth stocks.

Let me break it down for you…

Here at Navellier & Associates, we believe in the power of a well-balanced portfolio. It can literally neutralize the stock market’s uncertainty and take advantage of unique growth opportunities the market throws our way. That’s why we encourage our clients to take a diversified approach to managing their investments—one that can include growth, income, and capital preservation strategies.

Growth Portfolios

These portfolios feature companies that are committed to growing their sales and earnings. Our growth portfolios are segmented by market capitalization, are actively managed, and seek inefficiently priced growth stocks with opportunities for long-term price appreciation. We screen for small- and large-cap companies that are consistently growing sales and earnings. Our team actively manages this portfolio to find undervalued growth stocks.

Income Portfolios

These offerings provide dividend growth and income opportunities with capital appreciation. At Navellier, our dividend and income portfolios strive for portfolio growth through securities with capital appreciation, strong dividend growth, and income opportunities. We seek out companies that have a history of growing and paying dividends. Most importantly, these dividend-paying companies have free cash flow to cover each dividend payment. This can make it much easier to have reliable income in retirement.

Capital Preservation/Defensive Portfolios

These portfolios aim to outperform benchmarks in up markets and limit losses in declining markets by moving to cash or bonds. This asset allocation plan allows investors to play defense in a declining market. Our capital preservation strategies can help you mitigate steep market losses with defensive ETFs and covered calls. Defensive ETFs can serve this need as they shift to cash or bonds when conditions permit.

When you add up everything we have discussed today, you can quickly see the importance of having a diversified approach to managing your investments—one that can include growth, income, and capital preservation strategies. The power of a well-balanced portfolio cannot be overstated.

When you dive deeper into the details of our exclusive portfolios and strategies, you will see that many of them cross boundaries and can be combined to form an overall portfolio strategy. That portfolio can then be customized to your personal financial goals and risk tolerance.

To build a personal portfolio that strives to deliver returns, it is important to think about things such as your retirement goals, how long you have to reach those goals, and what your risk tolerance is … just to name a few.

At Navellier & Associates, our team is here for you. We will work with you to answer these questions and discuss a customized solution tailored specifically towards you and your retirement goals.

Right now, we are optimistic about 2024. There are several factors in play this year that we believe should equate to higher stock prices by yearend. Along with accelerating earnings momentum, it’s also a presidential election year, and the Federal Reserve is on track to cut key interest rates ahead of the November election.

But it’s important to note that not all stocks will participate. Growth stocks are stepping back into the spotlight since the earnings environment will improve dramatically this year—and I anticipate that they will grab the lion’s share of investors’ attention (and cash!) this year.

We can help you build a personal portfolio of the fundamentally superior stocks that will prosper in 2024. In fact, here’s a sneak peek at how we select stocks for each of our custom portfolio offerings…

Our Proprietary 3-Step Stock Selection Process

At Navellier & Associates, our system was built to find inefficiency in the market, uncover what we think are the market’s best growth stocks, and utilize a disciplined quantitative and fundamental analysis system to create a customized portfolio for individual investors.

Consider an example of the three-step proprietary stock-selection process that we utilize for most portfolios:

1. Quantitative Analysis: Using our proprietary screening process, we measure reward (alpha) and risk (standard deviation) indicators to the appropriate market capitalization range for each portfolio. We rank stocks based on the reward/risk measure and reduce the initial investment universe to a select bucket of stocks that fall into the upper percentiles of the reward/risk measure.
2. Fundamental Analysis: We then apply fundamental variable screens to the stocks with the highest reward/risk measures. This shines the spotlight on which companies have exceptional profit margins, excellent earnings growth (and positive earnings surprise potential!) and reasonable price/earnings ratios (based on expected future earnings).
3. Securities Optimization: We use a proprietary optimization model to maximize alpha, while minimizing portfolio standard deviation. This can efficiently allocate the stocks and create portfolios that are well diversified across sectors and industries.

Primarily, our goal with the three-step stock selection process is to develop portfolios that have a low correlation to their benchmarks, increasing diversification, decreasing risk, and maximizing profits for investors like you.

With the stock market broadening out and earnings improving, more sectors and stocks are finally starting to pop on my screens. So, we believe that now could be a good time for you to have a custom investment strategy that focuses on your financial goals and risk tolerance, as well as diversification.

Navellier & Associates can help you build your own customized portfolio strategy. We rely on our extensive research, trend analysis, customized strategies, and historic market knowledge to manage our client-only portfolios and help our clients take advantage of opportunities that are presented by market corrections—short and long-term—as well as raging bull market situations.

Our proprietary models are built to work on U.S.-based portfolios with a minimum account value of $250,000. If your portfolio meets these criteria, please contact my Navellier & Associates team. They are standing by ready to discuss your personal portfolio and investment strategy to help you make the most of 2024.

Schedule Your Portfolio Review Today

Need some help determining if your portfolio is well-balanced? We can help!

The first step is contacting us to set up a no-obligation portfolio review. This is our opportunity to get to know you a bit more. And don’t worry, there is never a charge for this portfolio review. If you decide you would like Navellier & Associates to manage your portfolio—or one aspect of your portfolio—we will discuss any management fees for that service.

If you decide you’d like to continue to manage things yourself, we hope that we have given you some important information to consider during your portfolio review.

We are not here to simply preach to you, but rather share information that we have gained from our extensive market research and analysis. We also want to know about you so that we can make the right suggestions for your personal situation.

Click here now to schedule your no-obligation portfolio review.

I’m confident that Navellier & Associates can help guide you to build a portfolio to navigate the current environment and help you achieve your individual financial goals in 2024!

All the best to you and yours,

Louis Navellier
Chief Investment
Navellier & Associates, Inc. │ Private Client Group

[10] https://www.statista.com/statistics/1450963/global-ai-cybersecurity-market-size/

IMPORTANT DISCLOSURES

Navellier & Associates owns Nvidia Corp (NVDA), Microsoft Corp (MSFT), and Super Micro Computer, Inc. (SMCI), in managed accounts. Louis Navellier and his family own Nvidia Corp (NVDA), Microsoft Corp (MSFT), and Super Micro Computer, Inc. (SMCI), via a Navellier managed account, and Nvidia Corp (NVDA) in a personal account.

Any holdings identified do not represent all of the securities purchased, sold, or recommended for advisory clients and it should not be assumed that investments in securities identified and described were or would be profitable. Performance results presented herein do not necessarily indicate future performance. Results presented include reinvestment of all dividends and other earnings. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Investment in fixed income components has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities mentioned in this report.

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1. Compliance Statement – Navellier & Associates Inc. claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Navellier & Associates Inc. has been independently verified for the periods January 1, 1995 through December 31, 2020. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Navellier Power Dividend Composite has had a performance examination for the periods January 1, 2015 through December 31, 2020. The verification and performance examination reports are available upon request.”

2. Definition of Firm – Navellier & Associates, Inc. is a registered investment adviser established in 1987. Registration does not imply a certain level of skill or training. Navellier & Associates, Inc. manages a variety of equity assets for primarily U.S. and Canadian institutional and retail clients. The firm’s list of composite descriptions as well as information regarding the firm’s policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

3. Composite Description – The composite creation date is March 31, 2006. As of October 1, 2019, the Navellier Power Dividend strategy was redefined to include both wrap and institutional accounts to more broadly market the strategy. Prior to this date, only wrap accounts were included in the composite. The Power Dividend Composite name changed from the Power Dividend Wrap Composite to the Power Dividend Composite. The Navellier Power Dividend Composite includes all discretionary Power Dividend equity accounts and are managed with similar objectives for a full month, including those accounts no longer with the firm. The strategy is designed for aggressive investors seeking to capitalize on the best opportunities within the group of publicly traded companies that pay dividends. The strategy invests in U.S. listed securities with market capitalizations greater than $250 million that pay dividends. Statistical measures may be used in an attempt to identify unusual price movements in individual stock prices, which may result in higher-than-average turnover and cash positions for the portfolio. At any given time, the strategy may hold up to 15% in American Depositary Receipts (ADRs). Stocks in the strategy typically exhibit positive return on equity and positive return on assets, usually have higher free cash flow than what they pay in dividends, and are usually growing dividends faster than the rate of inflation. Typically, the strategy invests in approximately 15 to 30 stocks. The strategy may invest in smaller capitalization stocks that may trade fewer shares than larger capitalization stocks; the liquidity risk among these types of stocks may increase the strategy’s risk. Performance figures that are net of fees take into account advisory fees, wrap fees, foreign withholding tax, and any brokerage fees or commissions that have been deducted from the account. “Pure” gross-of-fees returns do not reflect the deduction of any trading costs, fees, or expenses, and are presented only as supplemental information. Performance results are total returns and include the reinvestment of all income, including dividends. The composite inception date is January 1, 2006. Valuations and returns are computed and stated in U.S. Dollars.

4. Management Fees – The management fee schedule for accounts ranges from 0.30% to 1.25% of assets under management; however, some incentive fee, fixed fee, and fulcrum fee accounts may be included. Wrap fee schedules are provided by independent wrap sponsors and are available upon request from the respective wrap sponsor. Wrap fees generally range from 100 to 200 basis points and include custody, trading expenses, and other expenses associated with the management of the account. There are zero commissions accounts included in the composite. The client is referred to the firm’s Form ADV Part 2A for a full disclosure of the fee schedule. Net performance is calculated using actual fees.5. Composite Dispersion – If applicable, the dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio level gross returns represented within the composite for the full year.

6. Benchmark – The primary benchmark for the composite is the Russell 3000® Index. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The secondary benchmark for the composite is the Standard & Poor 500 Index (“S&P 500 Index”). The S&P 500 Index measures the performance of approximately 500 companies listed on U.S. stock exchanges selected by Standard & Poor. These indices are considered reasonable measures of the general performance of the broad U.S. equity market. The returns for the Russell 3000® and S&P 500 indices include the reinvestment of any dividends. The asset mix of Navellier Power Dividend equity accounts may not be precisely comparable to the presented indices. Presentation of index data does not reflect a belief by the Firm that the Russell 3000® or S&P 500 indices, or any other index, constitutes an investment alternative to any investment strategy presented in these materials or is necessarily comparable to such strategies. As of June 2012, the Russell 3000 Index is listed as the primary benchmark because it is a better representation of the investment strategy. The S&P 500 Index has replaced the Russell 1000 Index as the secondary benchmark.

7. General Disclosure – GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. The three-year annualized standard deviation measures the variability of the gross composite and the benchmark returns over the preceding 36-month period. Actual results may differ from composite results depending upon the size of the account, custodian related costs, the inception date of the account and other factors. Past performance does not guarantee future results. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Results presented include reinvestment of all dividends and other earnings. The securities identified and described do not represent all of the securities purchased, sold, or recommended for client accounts. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report. A list of recommendations made by Navellier & Associates, Inc. for the preceding twelve months is available upon request.

I acknowledge and represent that Navellier & Associates, Inc. is authorized and has my consent to call me at the phone number I provided in the registration.

Please note that Navellier & Associates and The Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates product.

I acknowledge that I have read the Disclosure Language above. Also I give Navellier and Associates, Inc. express written consent to contact me with any offers or promotions via the phone number listed, which may be a cell phone, business line, or residential line (including use of automated dialing equipment and pre-recorded calls). This consent is not a condition of receiving services from Navellier & Associates Inc.

Past performance does not guarantee future results. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Investment in fixed income components has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost.

IMPORTANT NEWSLETTER DISCLOSURE: The hypothetical performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier’s Growth Investor, Louis Navellier’s Breakthrough Stocks, Louis Navellier’s Accelerated Profits, and Louis Navellier’s Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters reported hypothetical performances should be considered mere “paper” or proforma hypothetical performance results and are not actual performance of real world trades. Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier Investment Products’ portfolios and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters contain hypothetical performance that do not include transaction costs, advisory fees, or other fees a client might incur if actual investments and trades were being made by an investor. As a result, newsletter performance should not be used to evaluate Navellier Investment services which are separate and different from the newsletters. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or hypothetical Newsletter performance claims, (which are calculated solely by Investor Place Media and not Navellier) should be referred to InvestorPlace Media, LLC at (800) 718-8289.