US stocks (^DJI, ^GSPC, ^IXIC) pull back as investors weigh the hefty valuations of the AI trade.
DA Davidson’s head of technology research, Gil Luria, divides investors’ AI plays into two categories: companies that are “responsibly” building AI compute based on “real demand” and others that are using “very expensive debt” and “related party transactions” to finance speculative AI infrastructure.
Luria places Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOG, GOOGL), and other Big Tech companies in the first category, while Oracle (ORCL), Oklo (OKLO), Broadcom (AVGO), and more are part of the “speculative” group.
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