"The Vanguard S&P 500 ETF ( NYSEMKT: VOO) lost nearly 1% on Monday, and as Tuesday dawns is continuing to slide, down another 0.4% premarket. Media pundits continue to blame investor worries about an over-heated market, and overpriced AI stocks in particular, citing declines in still-pretty-red-hot names such as Palantir ( Nasdaq: PLTR), which reported strong earnings earlier this month, and Nvidia ( Nasdaq: NVDA), which reports tomorrow after the close."
"And not only investors are worried. This morning Alphabet ( Nasdaq: GOOG) CEO Sundar Pichai told the BBC that momentum behind AI stocks this year has been "extraordinary," but he also sees a certain amount of "irrationality" in AI stock valuations lately. Even more ominously, Pichai warned that if investors decide to rethink the multiples they've been paying for tech stocks, "no company is going to be immune, including us.""
Vanguard S&P 500 ETF (VOO) fell nearly 1% Monday and slid another 0.4% premarket Tuesday. Investor concerns center on an over-heated market and overpriced AI stocks, with declines in Palantir and Nvidia. Alphabet CEO Sundar Pichai described AI momentum as "extraordinary" but warned of "irrationality" in AI valuations and said no company would be immune if investors rethink tech multiples. Alphabet stock traded up over 1% pre-market while Palantir and Nvidia fell. Home Depot reported Q3 profit of $3.74 and $41.4 billion in sales, guided modest full-year growth, and fell over 4%. Medtronic beat forecasts and guided higher; stock rose nearly 4%.
Read at 24/7 Wall St.
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