Big Finance is having its doubts about AI

For me the noteworthy thing is that even Wall Street, which is generally pretty gullible about The Next Big Thing, is displaying at least a measure of rational skepticism about artificial "intelligence."

For tech’s biggest players, this earnings season is starting to feel like a scene from the movie Jerry Maguire— and the “show me the money” demands aren’t working out any better than they did for Tom Cruise. Some analysts are even dubbing this the “show me the money” quarter, as Wall Street’s patience with massive AI spending begins to wear thin...

Almost two years after ChatGPT kicked off Silicon Valley’s AI gold rush, this week’s tech earnings revealed both the promise and the staggering price tag of the AI revolution. While companies reported significant gains from AI initiatives —Meta’s ad prices up 11%, Google Cloud revenue surging 35% to $11.4 billion, Amazon’s AWS growing 19% to $27.5 billion — their warnings about future spending sparked a broad market retreat…

Tech executives’ unwavering faith in AI’s potential stands in stark contrast to investors’ growing anxiety about the costs. - Quartz