Tech giant Nvidia’s stock value has seen meteoric growth—climbing about 190 percent and accounting for about one-third of S&P 500 gains over the past year—and California’s revenues are exceeding expectations as a result, but analysts warn that relying on high tech and the AI industry is leaving the state vulnerable to market fluctuations.
Revenues exceeded expectations by $7 billion compared with June forecasts, though the nonpartisan Legislative Analyst’s Office cautioned the gains are “on shaky ground” in an annual fiscal outlook released Nov. 20.
