This AI SPAC Just Might Be Getting Ahead of Itself
The stock market resumed its climb at midday on Thursday, with the Federal Reserve's latest interest rate pause proving to have only a short-lived influence on investors' increasingly bullish sentiments. Shortly before noon, major market benchmarks were up by as much as 1%.
AI stocks have played a major role in helping to drive the markets higher. Pure technology companies have gotten a lot of the attention from AI investors, but there are also businesses that are putting artificial intelligence to work in innovative ways.
One company that went public in 2022 as a special purpose acquisition company (SPAC), Symbotic (NASDAQ: SYM), has seen its share price jump fivefold in just seven months, and it continued to power higher to all-time record levels on Thursday with a 8% gain as of just after noon ET. Yet even with strong growth, could it be that the former SPAC's share price has anticipated an unrealistic amount of future success?
Source Fool.com
