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- AI is transformative, but it's hard to determine its stock winners, Howard Marks told CNBC.
- "Every bubble starts from widespread conviction," he said.
- Many are betting on an AI wave to lift a number of sectors, from semiconductors to infrastructure.
Artificial intelligence might end up changing the world, but that alone can't determine the success of its underlying assets, Howard Marks said.
"Every bubble starts from widespread conviction," the market veteran told CNBC on Tuesday. "Everybody believes A, they bid the beneficiaries of A up to the moon. It turns out, it's overdone."