When AI becomes a risk

Not so long ago, artificial intelligence was a symbol of almost unlimited growth. AI-related companies were breaking valuation records, and the prevailing narrative was that this technology would become a universal driver of profits in almost every sector of the economy. Today, the mood has clearly changed. Instead of enthusiasm, the question of which companies may lose out and which may benefit from the AI revolution is increasingly being asked. Every uncertainty, every shadow of doubt makes the market resemble a minefield where every move can be risky. Markets no longer direct capital en masse, but selectively, separating potential winners from those who may not survive the technological transformation.

The change in sentiment is particularly evident in the technology sector. Companies that until recently were the main beneficiaries of capital inflows are now experiencing a sharp correction in valuations. Doubts are emerging as to whether the huge investments in AI development will bring real and rapid returns. As a result, indices with a large share of technology companies have come under pressure and market volatility has increased significantly.

Uncertainty also surrounds how quickly basic AI models will become widely available and inexpensive. If this happens, a competitive advantage based solely on technology may prove short-lived. What will count is unique data, scale of operations, brand, and the ability to integrate AI into existing processes. Concerns are no longer limited to the technology sector. The susceptibility to automation in financial services, consulting, law, real estate, and logistics is being analyzed. If AI can perform some tasks faster and cheaper than humans, the margins of traditional businesses may come under pressure, causing a broader sell-off and increased caution in the market.

In the current environment, the rule of “when in doubt, sell” prevails. Capital is flowing toward industries that are resistant to automation or those that directly benefit from growing demand for AI-related tools and services. Financial markets are entering a phase where artificial intelligence is no longer just a promise of growth, but is becoming a risk factor for valuations. This is a natural stage in the maturation of any breakthrough technology: after the euphoria comes a time of verification. This means greater selectivity, deeper analysis of business models, and a more cautious approach to valuations.

The AI revolution is not slowing down, but markets are no longer viewing it in black and white terms. Instead of a “win-win” scenario, there is a growing divide between those who will successfully adapt to the technology and those who may fall victim to it. Uncertainty means that stock markets today resemble a field of precise, nervous shots rather than a one-way upward rally, and every move investors make could determine the future value of companies.