La carrera global por la IA despeja el recorrido en Bolsa de las tecnológicas

A global race for artificial intelligence (AI) is clearing the way for technology stocks on the stock market. Fear surrounding the potential destruction of humanity and possible slowing of AI development caused a massive sell-off in AI-related companies on Monday, resulting in a loss of nearly a trillion dollars in market capitalization. However, large tech companies such as Nvidia, Broadcom, and Amazon all saw their stock prices drop by around 300 billion in capitalization.

Investors have since reflected on the situation and many AI-related companies have recovered most of the lost ground. Jaime de León Calleja, a manager at Mutuactivos, a top-performing Spanish technology fund, explains that investors first sell and then inquire about any potential opportunities. After analyzing and listening to leaders from both American and European technology companies, most managers and analysts consulted by EXPANSIÓN concluded that the debate surrounding the sector will not change the investors' appetite for these types of companies nor the global AI business race. In fact, the sector is entering a new phase where cybersecurity becomes essential.

The stock market reaction indicates that the market does not anticipate a structural slowdown that would cause all AI-related stocks to fall. This could particularly hurt chip manufacturers, data centers, and infrastructure providers if growth in capital expenditures were to decline, while benefiting certain software, cybersecurity, and AI-cost-reduction businesses.

However, experts dismiss the possibility of any slowdown for several reasons: both the United States and China are striving to lead the global AI race, and neither wants to lose ground given the economic, military, and geopolitical importance of the technology. This has led firms such as Singular Bank to believe that maintaining exposure to Chinese technology is advantageous, especially in a potential hybrid ecosystem combining Chinese and American models.

Jaime de León Calleja points out the opportunities in American stocks, as Nvidia can be purchased at an estimated price-to-earnings ratio of 13 times in 2028. It is also cheaper than the Spanish Ibex (PER 15). The sector is experiencing unprecedented demand, with firms like ASML already having orders for 2028. It may be possible to slow down the evolution of models without sacrificing the need for computing power.