CIO Warns AI Stocks Priced for Impossible Growth

Brad Conger, CIO at Hirtle Callaghan, warns that AI stocks trading at 150 times sales require companies to double revenue every year for a decade, something no public company has ever achieved. He draws parallels to Cisco and Juniper Networks, which were right about internet technology but still left peak buyers waiting years to break even. Conger does distinguish AI from past hype cycles, calling it a real innovation with lasting applicability. The article's author pushes back partially, arguing real revenues and cost savings separate AI from NFTs, and that a handful of companies may justify high valuations through sustained compounding.