Investors are fleeing tech stocks as fears grow that the artificial intelligence boom is ending - report.
Global investors are shifting money from technology stocks to defensive sectors amid growing doubts that artificial intelligence investments will deliver the expected returns, the Financial Times reports.
Global technology stocks have fallen more than 13% since early October, while consumer staples jumped 10.6% in October, the strongest monthly gain since 1998. Health care stocks rose 9.8% over the same period.
Majors including Walmart, Procter & Gamble and Coca-Cola outperformed tech stocks, while Citigroup lowered its outlook for the US and global tech sectors to neutral.
substack | talk.