Asset managers say ignoring AI revolution is not an option
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Investors and asset managers are still positive about artificial intelligence technology’s potential to transform businesses and drive growth. There are some concerns about geopolitical situations, especially around China and Taiwan. The recent selloff in chip giant Nvidia’s stocks has caused people to fear the AI bubble, but most asset managers say that is not the case. During a broad discussion at Bloomberg Invest, chief investment officers (CIOs), hedge fund managers, and other industry analysts gave their views on investing in the AI sector. Also read: SoftBank dumps Alibaba shares to pursue AI investments They also discussed AI’s potential to boost production in the financial sector. Solo interviews and a series of discussions were also part of the summit. For example, Wall Street’s top regulator, SEC chair Gary Gensler, also appeared in an interview on Tuesday. Gensler talked on a wider range of topics. He said the review of plans to launch an exchange-traded fund to invest directly in Ether tokens was “going smoothly.” Geopolitical instability is a concern Speaking at the Bloomberg Investment Summit on Tuesday, John Zito, deputy CIO for the credit arm of Apollo Global Management Inc., said that Apollo funded chipmaker Wolfspeed Inc. and was also involved in a deal with Intel. He said, “It requires trillions of spend on a long-dated basis, and I think we’re just naturally the place to allocate that,” Apollo, an alternative asset manager, oversaw nearly $671 billion during the first quarter of 2024. Philippe Laffont is the founder of Coatue Management. He said that he is optimistic about AI technology regardless of the buzz. Yet, he expressed his worries about geopolitical tensions in regions near China, which may affect chip production, which is essential for powering AI. Laffont noted the possibility that if Taiwan gets invaded, it would negatively affect global…
Filed under: News - @ June 26, 2024 9:08 pm