Maxx Kettner, HSBC’s chief multiasset strategist, says retail investors need to understand the goal posts are constantly moving when it comes to investing in artificial intelligence.
“The market has been very focused on AI, and there’s been very strong performance in AI-related stocks,” Kettner said in a recent interview with Bloomberg.
“But the goal posts are constantly moving. What’s hot today may not be hot tomorrow.”
Kettner warned investors against chasing “yesterday’s news” when it comes to AI stocks.
“You need to be very selective about what you invest in,” he said.
“You need to understand the underlying technology, the business model, and the competitive landscape.”
Kettner also warned investors against getting caught up in the hype surrounding AI.
“There’s a lot of noise out there,” he said.
“You need to be able to filter out the noise and focus on the fundamentals.”
Kettner’s warning comes amid a surge in interest in AI stocks.
The Nasdaq Composite Index has risen more than 30% this year, driven largely by gains in AI-related stocks.
However, some analysts warn that the AI rally may be unsustainable.
“The valuations of some AI stocks are getting pretty high,” said Michael Hartnett, chief investment strategist at Bank of America.
“We think there’s a risk of a correction.”
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