Want to diversify a bit away from the AI theme? Try Evercore ISI's 'negative beta' stocks

As economic and geopolitical uncertainties rise, concerns that the so-called artificial intelligence bubble could pop are also intensifying, prompting investors to seek out stocks that trade in the opposite direction of the overall market. Enter "negative beta" stocks. Beta is a statistical figure that measures a stock's volatility against that of the S & P 500 or another broad market index. A stock with a negative beta moves in a manner that is inversely correlated with the overall market. Evercore ISI has compiled a list of negative beta names, including Mondelez International and Exxon Mobil , which could potentially be good hedges against a market downturn. Bear market ahead? The S & P 500 is up roughly 8% this year, but a global chip rout has intensified on Tuesday and is weighing on outperformers such as Micron and Applied Materials , making "negative beta" names look more attractive. On Tuesday, Micron shed nearly 11%, while Sandisk tumbled 13%, Intel fell 4% and Qualcomm dove 9%. Applied Materials was down 8%. With tech under pressure, Nasdaq was last down 1.5%, while the S & P 500 shed almost 1%. However, investors were buying more defensive stocks such as Walmart and Procter & Gamble . As a result, the Dow Jones Industrial Average , which began the day in the red, was up 0.2% in midday trading. …