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AI isn't just a tech story, will see investment across sectors: BofA

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AI isn't just a tech story - it's a long-term theme that will see investments across industries, Bank of America's Savita Subramanian says

The frenzied rally in some artificial intelligence-related stocks this year hasn't been rational, but the underlying AI theme itself is strong, for the long-run, and not just a tech story, according to Bank of America's head of US equity and quantitative strategy.

"Companies are going to have to spend on AI just to stay alive. Tech companies are going to spend on AI, old economy companies are going to spend on AI, everybody is. So it's not just a one-theme market," she added."AI is just part of this whole efficiency, automation, 'doing more with less' theme that I think is going to be really bullish for corporate margins."

The market has been boosted by investor excitement over the rise of AI technologies, and expectations that the Federal Reserve will soon end its aggressive interest-rate hikes.

 

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