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.
Tuesday. But the chipmaker's shares lost momentum and fell during the trading day, giving it a market cap of $990 billion at close. Still, that's nothing to sniff at: Its shares are at a 52-week high.
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.
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