Leading asset managers are positioning for a sharp sell-off in US technology stocks, on concerns over “insane” valuations and a possible bubble forming in parts of the artificial intelligence sector.
A number of investors told the Financial Times that they were protecting their portfolios either by reducing their positions or by using derivatives that profit from falls in share prices.
“Whether there are excesses . . . in the equity market on AI is no longer questionable, but to figure out which exact companies will be the losers and when this reckoning will happen is difficult,” said Vincent Mortier, chief investment officer of Amundi, Europe’s largest fund manager with €2.3tn in assets.
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