The unwinding of the AI trade, triggered by a recent run of disappointing quarterly earnings, has turned into a bloodbath for Big Tech... its shares traded roughly in line with the 2.7% drop in the Nasdaq, declined to comment to Fortune on the report. The asset manager couldn't be reached.
Sentiment worsened after the Financial Times obtained on Friday a recent letter from hedge fund Elliott Management reportedly telling investors that Nvidia and the entire megacap tech sector was living in 'bubble land' with artificial intelligence 'overhyped'... Growth forecasts had only met analyst expectations-a sign that the market got ahead of itself.
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