AllianceBernstein's Lei Qiu: AI heralds a technology paradigm shift—but not so fast

Amid London AI Summit

The market reaction to generative artificial intelligence (GAI) over the past year implies investors already know how this revolution will play out. But not so fast.

While we may be on the cusp of a paradigm shift, its outcomes are far from obvious and will take time to discern. For much of 2023, US equity markets were defined by excitement over AI and growth from the ‘magnificent seven'. Deep Dive: AI may have 'far reaching impact' but investors must beware 'hype' Wall Street analysts are already projecting how much revenue and profit the incumbents will see from AI, on the assumption that these companies will be the long-term leaders of the AI revolution with the greatest profitability gains.  The GAI operating system race But it is too...