Artificial intelligence (AI) dominates conversations, prompting thoughts on its impact, business models, and regulatory responses. However, uncertainty looms over the outcome of this technological revolution. Interestingly, investors find themselves in the same boat. Recent surges in the stock prices of tech giants like Alphabet, Meta Platforms, and Microsoft indicate that investors are banking on the long-term potential of AI. Their hopes and perhaps a touch of faith fuel these investments. Yet, concrete evidence supporting such optimism remains scarce. Alphabet, for instance, has witnessed a staggering $250 billion surge in expected value in just a month, driven by exciting product announcements. However, the actual business impact of these innovations is yet to be seen. Google’s experimental search product incorporating generative AI, for instance, was just launched with limited tangible outcomes. Microsoft has also experienced a boost in value, with its market cap rising by 10% (equivalent to $220 billion) in the past month....