AI does not understand accountability, trust, culture, unwritten rules, ethical trade-offs or fairness, all of which shape reputational risk and ultimately drive revenue growth and profit margins.

The bottom line is that the AI story will be decided in the S&P 493, not the Mag 7, and so far, there is no evidence that revenue growth or margins are improving outside the tech sector.

This matters, as its the assumption the opposite will be true, that is driving the AI stock market bubble.

I've no doubt about AI's ultimate revolutionary potential, but I strongly suspect it will all happen in a post-AI bubble crash world.

No Signs of AI Payoff Outside the Tech Sector