The Future of AI Business

By: Rob Curran

Technology stocks experienced a slight decline, although not as drastic as the overall market. This dip comes as strategists maintain their optimism regarding the future of the artificial intelligence (AI) industry.

Currently, the SPDR Select Sector Technology exchange-traded fund, which closely follows the tech sector of the S&P 500, remains 2% higher for 2024, despite the broader S&P 500 slipping into negative territory.

Chief Investment Officer Solita Marcelli, Americas, at UBS Global Wealth Management, expressed confidence in the continued dominance of AI as the driving force behind global tech stocks for the foreseeable future. Marcelli stated, "We believe AI will remain the key theme driving global tech stocks again this year and the rest of the decade."

Controversy surrounds Apple's App Store payment policies, with software developers such as Fortnite creator Epic expressing outrage. They claim that Apple is circumventing the intention of a court ruling.

Furthermore, Apple's request to delay the implementation of a U.S. import ban on its smartwatches has been denied. The company is currently appealing a federal trade ruling.