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This morning Wedbush analyst Dan Ives shared to X a list of five historical moments when skepticism about new technology was proven wrong, big time. The post comes amid conversation and concern of an AI bubble.
As stock market gains become increasingly concentrated in a handful of tech companies, some investors have expressed worries that the AI driven activity is overheated. Several tech and financial leaders have weighed in with perspectives on the situation.
Most recently, Nvidia CEO Jensen Huang said after the company’s November 19 earnings call that the AI revolution was far from its peak. Ives agreed with Huang then, and his recent X post echoes the sentiment.
The first example in Ives’ post points to the fact that most investors in 2008 believed that Apple’s iPhone wouldn’t lead to anything past a year long AT&T-led mobile phone cycle. Another reminds readers that Netflix CEO Reed Hastings was mocked for wanting to transform the way people consumed media from DVDs to streaming.
In other words, as one X user commented, “Skepticism has always been the prelude to every technological awakening.”
“They laughed at the iPhone,” the user wrote. “History doesn’t repeat – it rhymes with human disbelief.”
Flash forward to today, when skepticism about an AI bubble has been circulating. Ives suggests that similar risks have led to huge innovations and breakthrough moments.
“In a nutshell, this AI Revolution is just beginning today… this is Year 3 of what will be a 10-year cycle of this AI Revolution buildout,” the end of the post read. “This is a nervous, white knuckle moment… but to be clear this is still early days in this tech transformation…”
Responses were mixed.
One person commented, “100% agree Dan… We have only touched the tip of the iceberg in the proliferation of this technology.”
Another opposed the message.
“Not the same Dan,” they said. “Current intrinsic value if AI has be[en] disproportionally insulted by the capex. Unless that comes down we are bound to see what every bubble has been through in history. Maybe not now or tomorrow but soon.”
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Ava Levinson
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