artificial intelligence; A gold mine for chip manufacturers, a cost pit for technology giants? ▫ The wave of heavy sales in the global stock markets once again turned the eyes of investors to the artificial intelligence industry. This time, the concerns are not only limited to the high valuation of technology companies' shares. On one side of the chain there are companies like Microsoft, Amazon, Alphabet and others, which invest hundreds of billions of dollars in the development of data centers and artificial intelligence infrastructures. ▫ Although the income of some of their advertising and cloud businesses increased significantly, the increase in capital costs and the decrease in free cash flow created concerns about the payback time of these investments. ▫ Of course, this boom does not mean that all technology companies will win. Intel's stock performance showed that even in the chip industry, each company's perspective and its position in the supply chain matter. ▫ The main question is whether future revenues can justify these huge investments? An answer is also important for technology stocks and the forecast of economic growth and the path of monetary policy. The link of this program is in the mechanism.

artificial intelligence; A gold mine for chip manufacturers, a cost pit for technology giants? ▫ The wave of heavy sales in the global stock markets once again turned the eyes of investors to the artificial intelligence industry. This time, the concerns are not only limited to the high valuation of technology companies' shares. On one side of the chain there are companies like Microsoft, Amazon, Alphabet and others, which invest hundreds of billions of dollars in the development of data centers and artificial intelligence infrastructures. ▫ Although the income of some of their advertising and cloud businesses increased significantly, the increase in capital costs and the decrease in free cash flow created concerns about the payback time of these investments. ▫ Of course, this boom does not mean that all technology companies will win. Intel's stock performance showed that even in the chip industry, each company's perspective and its position in the supply chain matter. ▫ The main question is whether future revenues can justify these huge investments? An answer is also important for technology stocks and the forecast of economic growth and the path of monetary policy. The link of this program is in the mechanism.