“Hallucination” is the Cambridge Dictionary Word of the Year. How the boffins at the bumper book of words arrive at this I have no idea, but in this context, it means when artificial intelligence makes things up.
The award testifies to the importance of AI in the popular consciousness and, of course, as an investment theme, largely through the prism of the 'Magnificent Seven' stocks of Alphabet, Apple, Meta, Microsoft, NVIDIA, Amazon, and Tesla. The S&P 500 Index is up 9% over 12 months to the end of October 2023. Sunak reveals £29.5bn investment in UK sectors at Global Investment Summit As has been frequently highlighted, that growth has been very much the gift of these seven companies, driven by market interest in AI. Strip them out, and the returns of the American blue-chip index look la...
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