Enthusiasm about artificial intelligence masks weakness across most of the technology sector, with many companies “still in a recession” following a slowdown that started in 2022, according to investors and analysis of recent financial reports.
Massive share price gains for large companies that were predicted to be early beneficiaries of AI, such as Nvidia and Microsoft, helped to erase memories of a dreadful 2022, when the tech-dominated Nasdaq Composite tumbled by almost a third.
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