(HedgeCo.Net) The artificial intelligence investment cycle has entered a more complicated phase. What began as a powerful growth narrative built around chips, cloud demand, data centers, and productivity gains is now becoming a capital-allocation debate. The question is no longer whether AI will matter. The question is whether the largest technology companies are spending too much, too quickly, before the revenue model is fully proven.
That concern is giving rise to a new Wall Street phrase:...
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