Analysts are falling over themselves trying to work out AI’s productivity and earnings implications, but at this stage anything they say just an educated guess.
P 500 increasing by a barnstorming 17 per cent – despite most economists forecasting a US recession.. Indeed, investment bank Societe Generale calculated that with AI-related stocks stripped out, the SA handful of companies traded on similarly high price-to-sales ratios in the dotcom boom, and they all came back to earth.As often happens with new technology, there’s no shortage of controversy around AI.
There are some other signs of a frothy market. The forward PE ratio for the MSCI World Tech sector relative to the rest of the market is more than two standard deviations above its 20-year average. Two of the best performing groups in the US year are non-profitable tech and the infamous “meme stocks” from 2021 .
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