Those high concentration levels will likely lead to stocks giving up some of their stellar early-year gains in the short term before traders are drawn back into tech once AI starts to juice up listed companies' earnings, the British bank said in a note to clients Thursday.
"However, we think any retracement would present a tactical opportunity rather than a structural collapse of the trade, because multiples have not risen to historical extremes and the expanding AI economy should help its primary beneficiaries grow into their valuations," they added. But the early signs suggest the new technology will drive up earnings over the longer term too, according to Barclays.
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