BlackRock sees no AI bubble and says AI winners will drive market returns for a while

seekingalpha06-19

The market rally (SP500)(COMP:IND) fueled by the current AI investment trend has legs to keep going for a while longer, but capital spending on AI will likely be inflationary near-term, BlackRock said...

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market returns for a while\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-19 06:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4117188-blackrock-says-theres-no-ai-bubble-and-ai-winners-will-drive-market-returns-over-a-short-term-horizon><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The market rally (SP500)(COMP:IND) fueled by the current AI investment trend has legs to keep going for a while longer, but capital spending on AI will likely be inflationary near-term, BlackRock said...</p>\n\n<a href=\"https://seekingalpha.com/news/4117188-blackrock-says-theres-no-ai-bubble-and-ai-winners-will-drive-market-returns-over-a-short-term-horizon\">Source 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note. The command that AI prospects hold is highlighted by Nvidia (NVDA). The AI chipmaker on Tuesday became the world’s most valuable publicly traded company, overtaking Microsoft (MSFT) and Apple (AAPL) with a +$3.3T valuation. Nvidia has been a key contributor to the double-digit percentage gains in the S&P 500 (SP500)(IVV)(VOO) and the Nasdaq Composite (COMP:IND) this year. 2024. Apple (AAPL), meanwhile, recently hit record highs after introducing its Apple Intelligence AI system. “The AI rally is supported by earnings and has more room to run, in our view. We don’t see an AI bubble,” Jean Boivin, head of the BlackRock Investment Institute, said in a note Monday. A “concentrated group of AI winners” should drive market returns over a short-term tactical horizon of six to 12 months, it said. BlackRock did not specify any stock names. The profitability of mega-cap tech companies stands in contrast to the “unprofitable” companies that fronted the dot-com bubble, Boivin said. BlackRock remains overweight the tech sector and the AI theme. “Healthy corporate balance sheets and earnings momentum support our pro-risk view,” he said. But BlackRock also said its portfolio managers increasingly think the initial capital expenditures needed to build out AI could be inflationary. Spending on AI data centers has surged, and ‘a lot’ more spending will take place in the coming years. “This capex boom and draw on resources could create bottlenecks, meaning AI will likely be inflationary in the near term before unlocking any of the long run benefits that could ease inflationary pressures,” Boivin said. “This nuance is not appreciated by markets or central banks, in our view.” Among ETFs with AI exposure: (IYW), (FTEC), (BOTZ), (AIQ) and (IGM). More on the markets   Nvidia will own AI market, just as Apple owned mobile: Knox Ridley at SA Investing Summit S&P 500 could be on the brink of a multi-decade bear market: Avi Gilburt at SA Summit Nvidia ‘in the driver's seat’ as Citi raises S&P target but cautions on market pullback Tech bull market to last another 2–3 years: Wedbush's Dan Ives at SA Investing Summit 5 Things Dividend Investors Need To Know About The Fed, Jobs And Inflation","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2444942461"}