The rally in artificial-intelligence stocks may show little sign of flagging, but a historical review suggests it’s time to take profit in the biggest names, according to strategists at Citigroup Inc.
Jeff Hull, senior financial advisor at Manulife Wealth, joins BNN Bloomberg to discuss emerging trends in tech amid AI craze.
Readings like that typically suggest “significantly more volatility” is on the way. And while there may be no signs of an overall price bubble, the rally in some names is “concerning,” they said. “We continue to suggest investors take profits in AI highfliers,” in particular the chip-makers, Pettit and colleagues wrote in a note dated July 8. Investors should “re-balance toward a broader array of AI stocks across the value chain,” they said.Over a dozen investors and market strategists interviewed by Bloomberg News were split between bets on mega-caps such as Nvidia remaining at the forefront, and secondary benefactors including utilities and infrastructure providers taking the lead.
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