The Double-Edged Sword of AI Emerges! Nvidia Tops Global Market Cap at $4.5 Trillion, While These Industry Giants Plunge Over 30%

The impact of AI on global financial markets is becoming increasingly evident at an unprecedented scale. Nvidia, serving as the "AI shovel seller," has seen its market capitalization approach $4.5 trillion, making it the world’s most valuable company. Meanwhile, AI startups like OpenAI and Anthropic have effortlessly raised tens of billions of dollars in this wave, highlighting the wealth-creation myth of AI.

Among the 26 companies identified by Bank of America strategists as most vulnerable to AI disruption, web development firm Wix.com, digital imagery company Shutterstock, and software maker Adobe are prominently listed.

Since the launch of ChatGPT in late 2022, Bank of America’s AI Risk Index initially moved in line with the broader market. However, since mid-May this year, it has underperformed the S&P 500 by approximately 22 percentage points.

Daniel Newman, CEO of Futurum Group, stated that this disruption is real and may arrive faster than expected. Service-oriented companies with large workforces—even those that were stable in the last tech wave—face significant risks.

Although few businesses have collapsed due to the surge in chatbots and AI agents so far, investors have grown more cautious in certain sectors.

Additionally, human resources solution providers like ManpowerGroup and Robert Half have seen their stock prices plummet due to potential AI automation impacts. Market research firm Gartner’s shares also plunged, though blamed on U.S. government policies, analysts believe investors fear AI could offer cheaper alternatives.

As investor sentiment sours, AI is profoundly altering how people access information and how universities operate. Even tech giants like Microsoft have laid off employees to boost productivity and prioritize AI investments.

Institutions like Morgan Stanley and Baird have expressed concerns about AI-driven industry disruption. History is replete with examples of new technologies rendering old industries obsolete, and AI may now subject many sectors to extreme upheaval.

While AI has re-emerged as a theme determining winners and losers in U.S. stocks, identifying which companies are vulnerable requires detailed analysis. Firms like Google are included in the risk basket, while advertising giants such as Omnicom Group and WPP have seen steep stock declines due to AI pressures.