The AI industry's profit problem is getting bigger, says Goldman Sachs' equity research chief

Investors and companies alike have embraced AI, helping fuel one of the biggest technology investment cycles in decades.Joan Cros/NurPhoto/Getty ImagesAI keeps getting better, but the payoff is unclear, says Goldman Sachs' equity research chief.Most of the economic gains have gone to semiconductor chip companies so far.AI spending keeps rising on FOMO, while the returns needed to justify it remain elusive.AI has improved rapidly and drawn massive investment, but the business case remains unprove