Hedge fund Elliott Management has told investors that Nvidia is in a “bubble”, and the artificial intelligence technology driving the chipmaking giant’s share price is “overhyped”.
The Florida-based firm, which manages about $70bn in assets, said in a recent letter to clients that the megacap technology stocks, particularly Nvidia, were in “bubble land” and it was “sceptical” that Big Tech companies would keep buying the chipmaker’s graphics processing units in such high volumes.
AI is “overhyped with many applications not ready for prime time”, Elliott wrote in the letter sent this week and seen by the Financial Times.
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