- AI stocks may have formed an asset bubble but some of them are still worth owning for the long term, Anthony Scaramucci said.
- "AI's probably in a bubble but there's some high-quality AI out there that's worth owning," the SkyBridge Capital founder said.
Anthony Scaramucci thinks artificial intelligence stocks may be in an asset bubble - but says that shouldn't stop investors from owning some of them.
"AI, we're probably in a bubble. But then I would tell people, 'you probably should own some AI,'" Scaramucci said in interview with BNN Bloomberg on Friday, adding that he owned Amazon stock through its ups and downs, but ultimately, it proved to be a "wonderful investment."
"There are boom-bust cycles. AI's probably in a bubble but there's some high-quality AI out there that's worth owning," the SkyBridge Capital founder said.
The AI industry has been turbo-charged this year by the smashing debut of OpenAI's ChatGPT. Investors have grown excited about what the technology can offer, and piled into the top AI-exposed stocks including Microsoft, Nvidia, Apple, and Amazon.
Scaramucci said Nvidia stock is worth owning even though it might be overvalued at present. "But if you own it for the next 15 years, you'll probably be OK," he added, in a nod to long-term investment in AI.
The Santa Clara-based semiconductor company has ballooned in value this year thanks to the ongoing craze around AI, with its stock rallying 179% since the start of January. That's helped push the company's market valuation above $1 trillion.
Surging interest in AI has also propelled the US stock market into bull territory, with the S&P 500 rising 14.51% so far this year, and inflated the wealth of several top tech CEOs like Nvidia's Jensen Huang.
While Scaramucci talks about the AI stock boom in a positive light, other market commentators have warned that the market is getting ahead of itself.