AI boom to bust is Jeff Muhlenkamp's biggest concern for markets heading deeper into 2026. He believes if negative sentiment regains control of the trade, the downturn will be more significant. Jeff turns to stocks he likes which were involved in cyclical slumps, from Microchip Technologies (MCHP) to Celanese (CE). His biggest exposure: gold, which he expects to continue rallying throughout the year. Jeff does not have exposure to silver.