Tech stocks just saw their biggest outflow in 10 weeks – a sign that the"baby bubble" in artificial intelligence stocks could be bursting.
Investors sold off $2 billion in tech shares in the week leading up to June 21, Bank of America investment strategist Michael Hartnett said in a note on Friday. That could reflect investors' waning interest for artificial intelligence, after mega-cap tech giants boomed in 2023 amid hype overTech firms linked to the AI craze saw their
, with the"Magnificent 7" – Microsoft, Nvidia, Apple, Alphabet, Meta, Amazon, and Tesla – up 64% from the start of the year, compared to just a 3% increase across the rest of the S&P 500.
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