Allianz Chief Advisor El-Erian: The Nasdaq's biggest drop since March 2020 yesterday, and its impact on the broader market, once again reminds us of the extent to which the market is betting on artificial intelligence (AI) trading. This bet has both legitimate positive factors, such as the potential for productivity gains, the sheer size of investment, and IPO prospects; and less positive factors, such as circular financing, interdependence among financing entities, and excessive leverage.