Tech Stocks Rally in 2022 Driven More by Yields and Risk Appetite Than AI Hype

Tech stocks have rallied this year but not solely due to AI hype, Deutsche Bank analysts say. Real yields and broader risk-on mood were bigger drivers.

Semiconductor stocks jumped after ChatGPT launch but software lagged. The gap has since narrowed indicating waning AI impact.

Companies talking more about AI benefits but stock gains have negative correlation to hype.

AI gains more likely from private markets and VC in near term as public cos still figuring out products.

Non-AI factors like yields, earnings and risk appetite now driving tech stocks more than AI excitement.