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Why have the big seven tech companies been hit by AI boom doubts?
Their shares have fallen 11.8% from last month’s peak but more AI breakthroughs may reassure investors
Last year Microsoft, Amazon, Apple, the chipmaker Nvidia, Google’s parent, Alphabet, Facebook’s owner, Meta, and Elon Musk’s Tesla accounted for half the gains in the S&P 500 share index. But doubts about the return on AI investment, along with a mixed set of quarterly results, investors shifting their focus to other sectors and weak US economic data have hit the group over the past month. Where Nvidia has got rich selling shovels in a gold rush, the best narrative from an AI user remains Klarna, the buy now, pay later company, which announced in February that its OpenAI-powered assistant handled two-thirds of its customer service requests in its first month.
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