Oaktree Capital co‑chair Howard Marks said recent setbacks in AI have undercut
the market's 'cannot fail' assumption and heightened investor skepticism, a
healthy corrective, he added. He noted investor tolerance for tech is declining
as core businesses cool despite heavy AI spending; recent results from Alphabet
and Amazon have intensified concern that AI investments are eroding the
cashflows that fund them. Marks said he has been watching for market bubbles and
recalled his 2000 memo warning of the internet bubble.
