The chief investor at New York’s public pension scheme has said the valuation of big technology companies is not “euphoric”, brushing off fears of an artificial intelligence-fuelled bubble.
Steven Meier, chief investment officer at the $302bn New York City Retirement Systems, known as Nycers, told the FT that “optimism” had been priced into tech stocks “but I wouldn’t call it euphoric at this point”.
“I’m not overly concerned, I think we are in an investment supercycle,” Meier said, adding that AI “does just have an enormous potential to change the way we live, the way we work, we play, and hopefully with vast improvements in quality of life”.
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