Nvidia has succeeded again, with results that show it shows no signs of slowing down. On Wednesday, it reported earnings that beat estimates, with sales soaring as companies like Google, Microsoft, Meta, Amazon and OpenAI bought billions of dollars of its graphics processing units. in the context of the explosion of artificial intelligence. Its shares have soared in extended trading but due to “so strong earnings,” Nancy Tengler of Laffer Tengler Investments said she expected to see higher gains. “But I think the majority of it has been priced in and now you’ll see it flowing out like other players in this space,” the investment manager told CNBC’s “Squawk Box Asia” on Thursday. “We think there’s another way to play this,” she said, adding that it’s buying into “old economy companies” as well as data center names. “Our investment theme over the last two years and probably over the next five years has been: ‘old economy companies are moving to digitalization, cloud and general AI computing as well,” Tengler said. like suppliers of picks and shovels'”. One such “old economy” name, she says, is Walmart. “The baby is Walmart,” she said. “They’re not just adopting digital solutions.” but also robotics, general AI and advertising business in the cloud, obviously in their e-commerce business.” Tengler also named Carrier, which she considered beneficiaries of data center growth. Tengler points out that Carrier provides ventilation and air conditioning services, and that cooling is “critical” to data centers. Data centers house the vast amounts of computing power needed for AI workloads, and that demand will increase as more technology companies are rapidly developing infrastructure for artificial intelligence. Large language models require a lot of data center capacity. Quanta Services, which builds infrastructure for electric power and renewable energy and provides utility efficiency services, is another Tengler choice. “[Quanta] is an important name for network building and we will see significant growth in energy around AI generation and that means… although [Quanta] has grown quite a bit, I think it still has room to run in line with earnings,” she said. Other names she’s optimistic are on her “best portfolio ideas” list include including Oracle, ServiceNow, Amazon, Broadcom and Microsoft – CNBC’s Kif Leswing contributed to this report.