There are clear winners in the AI race. Everyone else, however, is a bystander reaping no benefits — and that could have implications for broader markets.
that's also benefiting from the frenzy over artificial intelligence. Its stock has jumped 71% this year, rallying more than 32% on Friday alone.There are clear winners in the AI race. Everyone else, however, isn't so much a loser, but a bystander reaping no benefits — and that could have implications for broader markets.
Big Tech firms enjoyed a boost as well. Amid the excitement over AI, shares of both Apple and Microsoft were juiced to their highest levels in a year. More crucially, the rally in markets has been narrow so far. Over the past three months, the S&P 500 has advanced nearly 6%, but the"We're not seeing any signs of broad participation. We're not seeing signs of early cyclicals on top of A.I.," said Andrew Smith, chief investment strategist at Delos Capital Advisors in Dallas. That disconnect could lead to, warned Javed Mirza, technical analyst at Canaccord Genuity, a large investment firm in Canada.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CNBC Daily Open: After the debt ceiling, inflationA deal to raise the U.S. debt limit has finally been reached. But investors still have to contend with sticky inflation and higher interest rates.
Read more »
CNBC Daily Open: Next stop, CongressThe wrangling on Capitol Hill is not over yet.
Read more »
CNBC Daily Open: Next stop, CongressThe wrangling on Capitol Hill is not over yet.
Read more »
Too far, too fast: These stocks may be due for a pullback after exceeding analyst price targetsOur CNBC Pro screen found S&P 500 stocks with an implied downside of at least 3%.
Read more »
State Farm Stops Accepting Applications for Homeowner Insurance in CaliforniaState Farm Stops Accepting Applications for Homeowner Insurance in California | Compare reporting by latimes orangecountyregister CNBC
Read more »
Coinbase stock pops after analyst upgrade. Here’s how the pros are reactingPros on CNBC discussed Coinbase after Atlantic Equities upgraded the stock.
Read more »