Editorial companion

What stands out

Howard Marks, co-founder of Oaktree Capital Management, warns that enthusiasm for artificial intelligence (AI), the set of machine-learning and automation technologies promising productivity gains, is undeniable but riddled with profit, valuation and job-market uncertainty. He told Bloomberg that optimism since late 2022 has encouraged investors to look past bad news, and that current uncertainty makes it impossible to declare the excitement irrational. A cautious value investor like Marks admitting uncertainty sharpens the debate over how to price AI.