Good morning from the Financial Times.
Today is Wednesday, January 7th.
And this is your FT News Briefing.
It's a new year, but concerns about overvalued AI stocks are not going away.
And the Venezuelan government's crackdown on dissent is widening.
Plus, China is watching what is happening in South America with great interest.
Venezuela was one of its staunchest allies in the region and I think it's really more that geopolitical impact that's more important in this case than the economic impact.
I'm Mark Filipino and here's the news you need to start your day.
Leading asset managers are preparing for the risk that the AI bubble bursts.
A bunch of investors told the FT they're either reducing their positions in US tech stocks or betting against them.
There are worries that US tech shares have become overvalued.
For example, the chip giant NVIDIA is clocking in at 46 times its earnings.
People are concerned about the huge investments in AI and its infrastructure without a clear idea on how to actually profit from the technology.
Things in Venezuela are deteriorating in the days after the U.S.
ousted President Nicolas Maduro.
The Venezuelan government is being temporarily led by Maduro's vice president,
and the government's been cracking down on any show of support for the authoritarian leader's removal.
Michael Stad is the FT's Latin America editor, and he joins me now.
Hi, Michael.
Hi, Mark.