Marcellus Capital is taking a differentiated approach between IT and manufacturing, according to comments shared by investment professional Gubbi. The firm acknowledges that IT stocks have rebounded strongly following a prolonged correction. However, it signals caution toward parts of the IT sector due to what it describes as structural uncertainty linked to the rapid pace of AI development. Gubbi’s remarks suggest that accelerating AI adoption is changing assumptions about technology demand, business models, and competitive dynamics, making it harder to assess risk and returns for IT-related companies in the near term. In contrast, Marcellus is described as backing manufacturing, implying the sector is seen as offering a more favorable outlook under current conditions. Overall, the stance reflects a sector-by-sector assessment rather than a blanket view of either IT or manufacturing, with AI-driven change cited as the main driver of uncertainty for IT.