Mark Mahaney, Senior Managing Director at Evercore ISI, discussed how AI is reshaping the tech industry with Bloomberg's Alix Steel and Paul Sweeney at the Bloomberg Invest conference in New York City. Amid a market downturn, with the Nasdaq 100 now trading below its 200-day moving average, Mahaney cited two reasons for the tech part of the sell-off.
First, he said the tech sector has witnessed phenomenal outperformance in the last two and a half years. Therefore, a mean reversion scenario implies that stocks that have significantly outperformed will eventually face downward adjustments....
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