(Bloomberg) — Sydney-based hedge fund GCQ Funds Management said the bottom is in for the software selloff, snapping up about A$200 million ($143 million) worth of tech stocks caught in the downdraft. The fund sold some of its top-performing stocks, including European luxury goods companies, to invest in beaten-down software stocks. In recent weeks, it…
(Bloomberg) — US markets are gripped by the “AI scare trade,” with investors selling software firms and wealth managers on concern that rapid advances in artificial intelligence will erode established business models. In China, the mood is far more upbeat. Instead of worrying about disruption, investors are chasing perceived winners, drawn by AI’s growth prospects…
(Bloomberg) — Logistics stocks sank Thursday as investors rushed to exit the group amid fears over disruption from artificial intelligence, making it the latest casualty of the “AI scare trade.” The Russell 3000 Trucking Index dropped 10%, with CH Robinson Worldwide Inc. plunging 24% and Landstar System Inc. falling 19%. The index is on track…
