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Fortune

Geoff Colvin

How CEOs can stay clear-eyed during the stock market's AI selloff

Fortune Geoff Colvin

Traders work on the floor of the New York Stock Exchange during afternoon trading on October 13, 2022 in New York City. (Credit: Michael M. Santiago/Getty Images)

In today’s CEO Daily: Geoff Colvin on AI’s transformational power—bubble or not.
The big story: Trump hosts MBS as the U.S. seeks Saudi investment.
The markets: U.S. futures and European markets are up.
Plus: All the news and watercooler chat from Fortune.

Good morning. Is the AI bubble popping? The S&P 500 has fallen in each of the past four days, major investors like Peter Thiel have revealed they have unloaded their stakes in high-flyers like Nvidia, and even Alphabet CEO Sundar Pichai has acknowledged “there are elements of irrationality through a moment like this.” But all would be wise to remember that the AI bubble is a financial phenomenon, not a technological one. The assumption that they go together could be an expensive mistake.

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