and Data Act do little to quell such concerns. Conversely, the AI faithful say it will “save the world,” suggesting a utopian future and massive early-investor gains.
Hence, the largest growth stocks lead now. AI is part of that – largely within semiconductors – but it isn’t alone. And the largest tech stocks are investing the most in AI. But we aren’t in the real game-changer phase of AI now. Having polled hundreds of firms, I can say its practical uses today are overall rather mundane, mostly things like automating repetitive tasks, back office work and marketing fluff.
Identifying far-flung, long-term winners is futile. If I could, I would. But even after Silicon Valley’s gruelling startup shakeout, excess enthusiasm over tiny AI pure plays remains. Buying among them now is buying hype high. With oodles of ChatGPT clones already available, which startup will build the profit margins to justify premium valuations? You can’t know.
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