Why Big Tech has been struggling of late, however, is more open to debate. The most popular theory is that rich valuations can't cope with burgeoning doubts about returns on AI-linked capital investment. But strategists at Citi, led by Dirk Willer, are skeptical that recent volatility is because of angst over Big Tech ROI. "We will not wade into this debate, as our best guess is that the market will give the companies some more time before expecting a return on investment," the Citi team said in a note published late Thursday. Citi does accept that hyperscalers raising debt on and off their balance sheet - rather ... (full story)