The large language models widely known as artificial intelligence could lead to an $800 billion opportunity, some analysts say, with companies battling it out Game of Thrones-style to carve out their position in the market. That's why companies diving into the field are making such big bets: Microsoft recently invested $10 billion in the ChatGPT-maker OpenAI; Databricks bought the machine learning startup MosiacML for $1.3 billion; and the niche legal A.I. platform Casetext sold for $650 million to Thomson Reuters.
But despite the current buzz around A.I., the stocks of the major players in the new technology are overvalued, says Dhaval Joshi, chief strategist at the investment research firm BCA Research, in a report released Wednesday.
