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Elliott, a top Wall Street hedge fund, believes that artificial intelligence is overhyped and that Nvidia is currently in a bubble.
Elliott believes that many applications are not yet ready for the gold rush, and many so-called uses of AI will never achieve cost savings, never work properly, consume too much energy, or be proven unreliable. So far, AI has failed to deliver the promised significant productivity gains and has not brought the value equivalent to speculative hype, raising doubts about whether major technology companies will continue to buy Nvidia's GPUs in large quantities.
Google, Microsoft, and Amazon's consecutive "failures" in their financial reports are not convincing Wall Street to invest heavily in AI for returns.
Since the release of the financial report, Google and Microsoft's stock prices have fallen by more than 8%, while Amazon's stock fell by nearly 9% in a day. As the business that benefits the most from generative AI, the cloud computing departments of the three giants have grown steadily in the second quarter, but this is not enough to appease investors, who are increasingly eager to see the return on investment brought by the huge investment in data centers and other AI infrastructure.
Market Decline Punctuated by Historic Lows For Intel, Job Market | Wall Street Today
