Jim Chanos, Bank of America, and others still aren't jumping on the AI hype train
For Chanos and others, the craze that's currently taking Wall Street by storm has more in common with aSimilarly, Bank of America strategists said last week that surging AI stocks like Nvidia could well be in a so-called"baby bubble" that'll be popped as the Federal Reserve presses ahead with further interest-rate hikes.
"Don't chase here … financial conditions are tightening again," strategists warned, pointing to previous stock-market fads that were put to an end by financial conditions tightening. While Chanos and Bank of America aren't buying into the AI fanfare, other top investors are just worried about the potential damage the technology could cause – including Berkshire Hathaway CEO Warren Buffett and his business partner, Charlie Munger.last month."And when something can do all kinds of things, I get a little bit worried because I know we won't be able to un-invent it.
"I am personally skeptical of some of the hype that is going into artificial intelligence," Munger added."I think old-fashioned intelligence works pretty well."
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