Goldman’s Top Stock Analyst Is Waiting for AI Bubble to Burst
- Covello casts doubt on hype behind an $16 trillion rally
- He says costs, limited uses means it won’t revolutionize world
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Over three decades on Wall Street, Jim Covello has learned how painful it can be to bet against an inflating tech stock bubble. The market has a way of minting riches, month after month, even after it’s clear the latest breakthroughs aren’t playing out quite as expected.
It happened with dot-com companies in the late 1990s and more recently with cryptocurrencies. And Covello, the head of equity research at Goldman Sachs Group Inc., says it’ll likely happen with artificial intelligence, too, making it dangerous, if not outright foolish, to start wagering against the likes of Nvidia Corp.