After ripping through June, AI stocks haven't bounced much during quarterly earnings to end the summer.
Citigroup’s Scott Chronert recently told Yahoo Finance that the AI hype has entered the "show me" stage.
“I don’t think the AI trend and the influence it can have on S&P 500 earnings longer term is at risk here,” Chronert told Yahoo Finance Live. “I think it’s still an important part of the narrative going forward. But expectations ... we just have to give them room to adjust as previous events have unfolded and now we're looking at new incremental information."
Even the companies that have continued to show AI is changing their business haven't seen the same pops in their stock price over the past month, casting doubt over whether the AI rally has run its course and stock valuations are too high.In the most recent quarter, AI darling Nvidia increased adjusted earnings by 429% compared to the same period last year.
On the next day of trading, the stock rose just 0.1%. Nvidia shares are now down about 3% since reporting earnings on August 23. FILE - Nvidia Co-founder, President, and CEO Jensen Huang speaks at the Taiwan Semiconductor Manufacturing Company in Phoenix on Dec. 6, 2022. Computer chip maker Nvidia has turned the artificial intelligence craze into a springboard that has catapulted the company into the constellation of Big Tech’s brightest stars.
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