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Goldman Sachs' top stock analyst: AI will not trigger an economic revolution, the bubble will burst eventually.
Jim Covello believes that the economic benefits brought by AI are not even comparable to those of smart phones and the internet; AI replaces low-paying jobs with expensive technology, which is completely opposite to the technological transformation that has occurred in the technology industry in the past thirty years.
"Seven tech giants" market cap evaporated 1.1 trillion dollars in five days! Is a big rotation happening in U.S. stocks?
Although there was a sharp drop in US stocks on Wednesday, due to the sudden factor of Trump's speech severely impacting chip stocks, everyone can't help but ask: Has the big rotation in US stocks already begun? Have the leading tech giants of the past two years peaked?
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Top 20 turnover: Apple fell more than 2%, and well-known analyst said that the order for iPhone 16 may not increase; Eli Lilly and Co fell again by more than 6%, with a cumulative decline of nearly 10% in two days.
On Thursday, Nvidia, the top stock in trading volume, rose 2.8%, with a turnover of $38.415 billion. Tesla, the second highest, rose 0.29%, with a turnover of $27.937 billion. Apple, the third highest, fell 2.03%, with a turnover of $14.863 billion.
US stock market closes with three major indexes down while waiting for Trump's "New Golden Age" speech.
1. The US stock "sector rotation" has stopped, with the Dow ending its previous "six consecutive gains"; 2. Former US President Trump will deliver a keynote speech at the Republican National Convention on Friday morning Beijing time; 3. Guo Mingchi: Apple may not have increased orders for the iPhone 16; 4. Broadcom is discussing developing new AI server chips with OpenAI.