Though artificial intelligence (AI) stocks Nvidia and Palantir Technologies appear unstoppable, their insiders are painting a very different picture.

JPMorgan, Citi, and Goldman Sachs are investing heavily in AI technology to transform operations, enhance productivity, and stay competitive.

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) has been the odd one out in the Magnificent Seven for a while. The stock didn’t make parabolic gains, whereas most other AI stocks were on a rally that was truly deserving of the “Magnificent” title.

CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs on Tuesday cautioned that equity markets could be heading toward a drawdown, underscoring growing concerns over sky-high valuations.

Overnight, declines in artificial intelligence stocks weighed down U.S. averages. Investors await China’s October trade data. Asia-Pacific markets fell Friday, tracking Wall Street declines on persistent concerns over lofty valuations in artificial intelligence stocks.

While there are concerns that the AI bubble could pop, we’re not buying into it. In fact, as pointed out by Rich Duprey, “Proponents like Mark Cuban emphasize the light-bulb moment: AI is infrastructure for a new industrial revolution,