The hype surrounding artificial intelligence has garnered comparisons to the metaverse hype of 2021.

Even AI’s banner company, Nvidia (NVDA), was once the flag bearer for metaverse stocks. But at BlackRock’s 2023 Midyear Outlook Media Roundtable on Wednesday, BlackRock’s CIO for Global Fundamental Equities Tony DeSpirito pointed out a key difference.

“The demand is really real,” DeSpirito said. “I think that contrasts what’s going on in AI versus the metaverse of a year ago or virtual reality. The orders are there…The earnings growth is just coming.”


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