1524 GMT - The sharp pullback in artificial-intelligence stocks is driven by uncertainty over companies' ability to monetize the technology, M&G Investments' head of global equities Dan White says. Higher borrowing costs are forcing investors to scrutinize more closely the balance sheets of chip makers and data centers, White says. "Rising borrowing costs doesn't kill AI monetization, but it does make capital discipline far more important," White says. "Cheap capital can mask weak economics, and expensive capital tends to reveal [them]." Technology stocks will underperform the broader market, White says. The Nasdaq is on track for its worst day since June as the Philadelphia Semiconductor Index falls 6%.
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