Stocks are pricing in an AI revolution, putting investors at risk of disappointment, Bill Gross says

• The stock market has surged this year as investors bet big on an artificial-intelligence revolution.
• AI may have to boost US productivity growth to justify the high price of stocks, Bill Gross says.
• The surge in interest rates is putting downward pressure on the stock market, the "Bond King" says.

Investors have piled into technology stocks like Nvidia, Microsoft, and Tesla this year, as they expect artificial intelligence to revolutionize the US economy. The stock market has priced in those high hopes, putting investors at risk if the nascent tech doesn't live up to their expectations, Bill Gross has warned.