Artificial intelligence (AI) stocks may be in a bubble, according to Anthony Scaramucci, founder of SkyBridge Capital. However, he believes that investors should still consider owning some of these stocks. In an interview with BNN Bloomberg, Scaramucci compared the AI industry to past boom-bust cycles, suggesting that while it may be experiencing a bubble, there are still high-quality AI companies worth investing in.
One of the factors fueling the AI industry’s growth this year is the success of OpenAI’s ChatGPT, which has generated significant excitement among investors. As a result, top AI-exposed stocks such as Microsoft, Nvidia, Apple, and Amazon have seen increased interest from investors.
Scaramucci specifically highlighted Nvidia as a stock worth owning, even though it may currently be overvalued. He suggested that long-term investment in AI could prove profitable, stating, if you own it for the next 15 years, you’ll probably be OK. Nvidia’s stock has surged by 179% since the beginning of the year, contributing to the company’s market valuation surpassing $1 trillion.
While Scaramucci views the AI stock boom positively, other market commentators have cautioned that the market may be getting ahead of itself. Nonetheless, the enthusiasm surrounding AI has propelled the U.S. stock market into a bull market, with the S&P 500 rising by 14.51% this year. Tech CEOs, including Nvidia’s Jensen Huang, have also benefited from this surge, as the increased interest in AI has boosted their wealth.
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