Investors will remember 2025 as the year the artificial intelligence rally broadened out and the fears became more pronounced — not only of a bubble in the stocks, but also of the disruption the technology represents.
While tech giants like Alphabet Inc. and Nvidia Corp. delivered strong gains, unsung corners of the industry, like memory chips and hard disk drives, proved to be far better places for investors. With the bull market in US stocks stretching into a fourth year, there are more concerns than ever about the sustainability of heavy spending on AI computing and whether the returns will justify the investments.