AI Loses Its Shine as Money Rotates Back Into Big Oil

Big Tech plans to spend hundreds of billions on AI this year, the industry leaders said this earnings season. In response, a stock sell-off followed as traders grew wary of the whole AI story. Looking for something safer, they went into energy stocks. Big Oil stocks, to be precise. Last week saw a sharp drop in Big Tech stocks as traders sold off their holdings on fears that artificial intelligence was about to replace software. NVIDIA’s CEO Jensen Huang dismissed those fears, saying, “There's this notion ...