CNBC's UK Exchange newsletter: Rightmove's AI gamble is a cautionary tale for UK investors [CNBC]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
NASDAQ:AMEX Investor Relations:
plc.rightmove.co.uk/investors
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Source: CNBC
The company's plan to increase its investments in AI raises questions over how British companies may or may not be rewarded by bets on the technology. Investment costs and a shortage of skills or expertise looks to be holding back AI implementation in the U.K. This report is from this week's CNBC's UK Exchange newsletter. Like what you see? You can subscribe here. The dispatch Last Friday brought investors in Rightmove a new and unwelcome experience — a violent stock price correction. Shares of the U.K.'s biggest property portal, which hit a record in late July, fell by 28% at one point before finishing 12.5% lower , clipping nearly £634 million ($833.4 million) from Rightmove's stock market valuation. The sell-off followed a trading update in which the former stock market darling, which accounts for more than 70% of all consumer time spent on U.K. property portals, pledged to hike spending on artificial intelligence at the expense of short-term profit growth. It said t
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