Vanguard and BlackRock, the world’s two largest asset managers, have outlined diverging views of how billions of dollars being invested in artificial intelligence will drive the market and which companies stand to benefit.
The two asset management giants oversee some $US36 trillion ($54 trillion) between them. Detailing its view about the year ahead to investors on Thursday, Vanguard said the enormous Silicon Valley businesses driving the AI spending boom were in danger of emerging “from this vast build-out phase overextended, triggering a less optimistic profit trajectory”.
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