Artificial intelligence is the latest buzzword to whip traders into a speculative froth, evoking memories of past bubbles. Find out more.
While AI is undoubtedly a huge growth opportunity and a theme that investors should take seriously, buyers should beware, said Michael O’Rourke of Jonestrading Institutional Services LLC.Article content
“We’ve had tons of episodes like this before where a group becomes hot and everyone just piles into everything related to it,” the firm’s chief market strategist said. “As far as everyone who’s betting on names and tickers, it will be a wild ride for them. If you’re speculating, you’re not investing.”
The massive popularity of OpenAI LLC’s ChatGPT tool has generated a lot of excitement about the potential use cases for AI since it debuted late last year. Microsoft Corp. is investing US$10 billion in OpenAI, which needs funding and cloud-computing power to run increasingly complex models. Microsoft said it plans to use OpenAI’s models in current and future products.
Nvidia Corp., the semiconductor maker, has been touted by Wall Street analysts as a beneficiary of greater investment in AI since it dominates the market for graphics chips that provide the computing power behind the software models. Its shares rallied 34 per cent in January, Nvidia’s best month in almost six years.Article content
The case behind the rallies in some other stocks are more tenuous. Shares in BigBear.ai Holdings Inc., which uses artificial intelligence to help customers analyze data, have soared fivefold this month. BuzzFeed Inc., the media company that’s been cutting costs amid a slump in digital advertising, jumped more than 300 per cent over two days last week after its chief executive pledged to make AI-inspired content part of its “core business.
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