How well is the stock market doing? That now depends, almost entirely, on artificial intelligence and the companies that make it.
Those companies, concentrated in Silicon Valley, are spending hundreds of billions of dollars. Investors think this tech is the future, so they’re snapping up shares. By one estimate, 80 percent of U.S. stock gains this year came from A.I. companies.
Does it feel like a bubble? Big names like Jeff Bezos (Amazon), Sam Altman (OpenAI), Jamie Dimon (JPMorgan) and David Solomon (Goldman Sachs) worry we’re on the cusp of a correction. They warn that valuations are getting too high and that eventually, reality may bite. And if those companies plunge, they’ll take the economy with them.
Read more | NEW YORK TIMES