CNBC’s Jim Cramer told investors to be wary of companies touting AI without clear plans for a return on their investments.
CNBC's Jim Cramer told investors to be wary of companies pitching AI to the consumer.
Cramer said he sees AI as hugely meaningful for companies that deal with large amount of data, not those with consumer-oriented goals.on Monday suggested that Wall Street's artificial intelligence craze may be reaching its peak.moment as he compared companies touting AI offerings to the action camera fad years ago. He suspected that GoPro had jumped the shark when he saw an image of a goat riding a surfboard with a camera attached to its head.
Cramer said he doesn't doubt that AI is going to have a huge impact, and will be a huge factor in the success of many companies, especially those that deal with large amounts of data. But he questioned companies advertising AI directly to the consumer, cautioning investors that many may be hyping AI to raise their stock's valuation. Some companies may be running out of"legitimate use cases" when it comes to AI. According to Cramer, AI is intended to save businesses money, not serve individual consumers.
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