Dear reader,
It has been a rollercoaster week for artificial intelligence-related stocks. On Wednesday alone, US chip designer Advanced Micro Devices lost more than $20bn in market value. Shares of server maker Super Micro fell despite its quarterly projections beating expectations, bringing stock price declines to 25 per cent for the past month.
Indeed, conditions are ripe for a correction. The AI stock market boom has been pricing in too much, too fast. Analysts’ expectations for chip sales remain highly optimistic. AMD’s forecast of $4bn in AI chip sales for 2024, for example, was considered a disappointment amid inflated market expectations.
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