June’s jobs report was weak. That’s perhaps understating it.

In an economy of more than 300 million people, the U.S. economy was only able to eke out 57,000 jobs this past month. And on top of those numbers, revisions to prior month estimates hit investors in the face, suggesting that the consumer could be slowing at some point.

Now, for some consumer-facing companies, that’s a big deal. But for others who make their money more on the business-to-business channel, perhaps this report isn’t all that bad. Indeed, most Americans still have jobs, and the unemployment rate is low. Asset prices are high, and there’s still plenty of spending to go around.

That said, it is a concerning time in the market. So, for investors looking for some relatively insulated names to consider right now that have AI tailwinds, I thought I’d cover three behemoths with staying power and very strong moats to consider.

Meta Platforms (META)

One of my top picks for more than a decade now, Meta Platforms (NASDAQ:META) is a company that’s identified itself as one exemplifying change. Meta has morphed from a social media juggernaut to a leader in online advertising, pushing the boundaries of the metaverse, and now an artificial intelligence giant.

I think the key in Meta’s recent surge over the past four years has been CEO Mark Zuckerberg’s focus on efficiency and improving cash flow. At the end of the day, any stock should be valued (according to the discounted cash flow model) as the sum of all future cash flows. Any company that can lower headcount (improve efficiency), use resources more effectively, and drive greater revenue will come out ahead. Meta has done that.

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Now, the AI story has turned into a bit of a conundrum right now, with some in the market considering Meta’s heavy investments into AI as a potential headwind rather than a catalyst for growth. We’ll see. I think Meta is starting to turn AI into an operating advantage, not just a spending story. The company has been using AI to improve ad targeting, user engagement, and monetization across Facebook, Instagram, and WhatsApp, which helps explain why revenue growth has stayed strong while margins remain elite.

The bull case around Meta is simple to me, and has remained in place for a long time. This is a tech giant with one of the best combinations of scale, cash generation, and product leverage in big tech, and AI enhances all three. If the economy is wobbling, advertisers may get more selective. That said, Meta’s platform efficiency can still win budget share because it gives marketers better returns on every dollar spent.

Alphabet (GOOG)

Alphabet’s (NASDAQ:GOOG) latest results reinforce a similar message, that AI is not hurting the business model, it is reinforcing it.

The search giant still holds massive market share in terms of overall online advertising spend. And while some investors and analysts are pointing to the idea that AI could disrupt what’s been a truly remarkable moat for decades, this headwind hasn’t materialized to the degree many have thought.

Indeed, the company’s diversified business model is one that I think is worth considering. Aside from Google search, Alphabet is seeing incredible growth from its cloud, YouTube and AI infrastructure businesses which could support solid earnings growth for decades to come. Thus, Alphabet isn’t the one-trick pony the market initially got spooked about when we saw OpenAI release its first generative AI model.

If anything, Alphabet has embraced AI, spending ever-larger amounts on its own ambitions. However, the difference is that this spending is supported by a revenue base that remains massive and highly profitable. The key bullish point is that Alphabet can fund enormous capital expenditures without losing financial discipline, and that matters when AI infrastructure is becoming the new arms race.

Even in a sluggish economy, businesses still need search, cloud computing, and digital advertising, and Alphabet owns some of the most important choke points in all three.

Broadcom (AVGO)

Last, but certainly not least, we come to Broadcom (NASDAQ:AVGO).

I think Broadcom may be the clearest “AI picks and shovels” story of the group. The company’s latest quarter showed just how powerful that model has become, with revenue rising nearly 48% to more than $22 billion. Indeed, the world is going to need more semiconductors over time, but perhaps not the most powerful ones. In such an environment, Broadcom could be a quiet beneficiary of a boom toward modesty in the AI sector.

There’s nothing modest around Broadcom’s recent revenue and earnings growth, though. The company saw its top line surge 143% on a year-over-year basis to more than $10 billion this past quarter. That’s breakneck growth. And with operating margins of 67% (approaching those of Nvidia), this is a dark horse many in the market are now paying attention to.

What I consider one of the most important factors, and why Broadcom is one stock I thin is worth considering adding to here, is its free cash low growth. With record free cash flow of more than $10 billion this past quarter, there’s myriad things to like about one of the top-tier chip makers in the world.

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