Big Tech Stocks Were Expensive. Then the Market Turned on AI

For most of the past decade, investors have had to pay exorbitant prices to own a piece of the world’s biggest technology companies. But that’s changing as AI euphoria gives way to skepticism. Big Tech stocks have been underperforming for months due to concerns about ballooning spending on artificial intelligence and a rotation into sectors that tend to do well in an expanding economy. An index of the so-called Magnificent Seven giants is down more than 7% since the end of October while the S&P 500 Index ...