AI Hype Starting to ‘Smell Like Dot-Com Era’ to ESG Veteran (3)

The exuberance surrounding artificial intelligence has driven a lot of capital into a small corner of the market in a very short space of time, and that has implications for tech-heavy ESG funds.

According to James Penny, the chief investment officer of TAM Asset Management and a veteran investor who correctly predicted the headwinds facing ESG last year, the current mood is reminiscent of the early days of the tech bubble that burst in 2000 and wiped more than 70% off the Nasdaq.

“Companies that even mention the word AI in their earnings are seeing boosts to their share ...