Excitement around artificial intelligence has dominated 2023, but not everyone on Wall Street is acknowledging the near-term hype.
Excitement around artificial intelligence is leading many investors to snatch up shares of potential winners in 2023. But not everyone on Wall Street is buying up the near-term hype. "We don't want to play down the potential of AI to spawn new products and features; however, we think that the market has gotten ahead of itself regarding the timing of when material software AI product revenues will gain traction," wrote HSBC analyst Stephen Bersey in a September note to clients.
IXIC YTD mountain Nasdaq shares since the start of 2023 "For sure, we expect to see examples of early products and deployments, but we think they will be limited with AI's true potential to be broadly monetized in earnest is still a few years out," he wrote, initiating coverage of 10 companies, including six with a buy rating. Even so, Bersey called Snowflake "well placed" for AI due to its data warehousing business needed for deploying large sets of data.
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