The billionaire cofounder of Hargreaves Lansdown is overseeing a massive selloff of Magnificent Seven stocks, as concerns grow over the potential fallout from vast spending on AI capabilities in 2024.
Peter Hargreaves, worth an estimated £2 billion, set up Blue Whale Growth Fund in 2017 and has watched the fund’s returns more than double since its inception. However, the group is now the latest to warn of the potential for a stock market crunch owing to AI overhype.
