Calpers retreats from Big Tech as AI rally falters
AI Summary
Calpers, California's retirement fund, has decided to cut its stakes in the Magnificent 7—a group of top Big Tech companies—as concerns rise about their high valuations and escalating operational costs. This move reflects broader skepticism within the investment community about the sustainability of the AI-driven rally that had previously boosted these firms' stocks. The decision underscores a potential shift in how major pension funds evaluate tech investments, signaling a cautious approach amid economic uncertainties.
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