Tech investors are reassessing their investments in artificial intelligence, despite the technology being a positive long-term driver, ING's Jan Frederik Slijkerman writes in a report. Technology companies' revenues and Ebitda are set to rise, but investors remain nervous, he says. Investors might experience a slowdown in earnings per share growth and a decline in valuation multiples as infrastructure spending leads to higher depreciation costs and reduced share buybacks, Slijkerman adds. Free cash flow is expected to be lower than in previous years as the positive effects on revenue growth could take time to materialize, he adds. "This reduces the scope for large shareholder returns in the form of share buybacks," he says. Microsoft and Alphabet shares are up 1.4% and 0.6% premarket, respectively. (najat.kantouar@wsj.com)