Has the AI trade run out of steam? [Video]

[AUDIO LOGO]

The markets are trying to recover some of the ground that they’ve lost since the start of September. But as the momentum in those big tech names, like NVIDIA, begins to stall, we’ve got to ask ourselves, is the AI trade running out of steam? Joining us now to discuss is David Sekera, chief US market strategist with Morningstar Research. David, always great to see you.

Good to see you, Greg. How you been?

Not too bad. You and I have had a lot of discussions over the past two years or so about the drivers in the market. We couldn’t ignore the technology trade, the AI trade. It’s been interesting lately. We’ve seen this pullback. Is it done?

This is one of those instances– so from a fundamental point of view, yes, AI in and of itself still has a long pathway of growth ahead of it. But according to our valuations, yes, we think the outperformance …