Veteran Stockpicker Sees Risks for AI, Big Tech. Why It Could Be Worse Than Dot-Com Bust.

Rajiv Jain, chairman and chief investment officer of GQG Partners who rode the technology boom with stocks like Nvidia in recent years, is worried. Jain, a panelist on the Barron’s Roundtable, admits he may have been early, selling Nvidia, Alphabet and Amazon.com earlier in the year and paring his stake in Microsoft But he says the “all-in on one-way bet on AI,” combined with decelerating growth, narrowing free cash flow margins, and increasing competition for many of the sector’s heavyweights is enough for him to move on to more defensive stocks.

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