Some of the country’s top fund managers are warning investors to brace for volatile returns as they slash exposure to the hottest pockets of the sharemarket amid concerns a bubble in technology stocks is about to burst.
The euphoria surrounding artificial intelligence has fuelled a $US16 trillion ($24.3 trillion) surge in the S&P 500 from its April lows. But that has turned to anxiety in recent weeks as wild gains in tech stocks draw comparisons to the exuberance that pervaded markets in the dotcom era.
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