“Not that long ago, they were all crypto,” Mr. Covello said of the billboards. “And now they’re all A.I.”
Jim Covello the head of stock research at Goldman Sachs shares his opinion about AI. He shares his opinion when Jim Covello’s car barreled up Highway 101 from San Jose to San Francisco. And he counted almost all the billboards about AI.
He nearly passed 40 billboards and of that 40 one is called Writer Enterprise AI and another for Speech AI.
After finding those two he thinks it is the perfect evidence of an economic bubble that can show up in the future.
Three months ago Jim Covello jolted markets with a research paper that changed the business return.
According to his research paper company will go to speed nearly about $1 trillion in A. I in coming years.
According to him generative AI can summarize the text and software codes and make multiple questionable mistakes whether it can solve the complex problem or not.
The Goldman Paper landed the day after partnering at the Sequoia Capital. This is a venture firm and raised similar questions in the AI blogs. This skepticism marked a turning point for AI-related stocks.
Goldman’s basket of AI stocks is managed by a separate arm of the firm that includes industry giants like Nvidia, Apple, Microsoft, Amazon, Alphabet, Meta, and Oracle.
They have declined 7% from their peak on July 10 hence investors and business leaders debate whether AI is worthy of investing.
Mr. Covello shares his experience with tech booms and busts and said
“smart enough to make employees smarter.”
According to many industry experts, Mr. Covello’s call for caution is a sign of a premature step.
Right after the publishing of Goldman’s paper George Lee, the firm’s geopolitical advisory business challenged Mr. Covello through an email.
Says AI was poised to save the workers time and also improve productivity. Mr. Lee requested him to be patient.
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