The red-hot AI industry may be headed for trouble, Bloomberg reports, after tepid earnings reports from tech companies dismayed Wall Street, which expected much bigger profits from the gargantuan infusion of cash into AI.
Wall Street analysts sounded the alarm because they weren't seeing significant profit from AI, and yet all three tech companies have invested heavily into buying high-powered AI chips and building spendy data centers.
Analysts like Goldman Sachs' Group head of equity research Jim Covello are skeptical about AI's potential because of its cost and limited commercial viability so far.
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