RIDING THE AI WAVE: THE GOLDEN OPPORTUNITY FOR LONG-TERM INVESTORS

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The top site for Artificial intelligence (AI), Openai.com saw traffic increase a record 54.21% last month – more than any other of the world’s leading websites.

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It’s most popular feature, ChatGPT is closing in on one billion unique users every month. AI hype has reached new heights in recent months, and as more companies race to implement AI strategies, investors are zooming to get in on the action.

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Artificial Bull Run?

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AI is turning the outlook for tech stocks right around. Last year’s stock market rout left tech stocks reeling, with Meta, Amazon, and Tesla sustaining huge losses while energy, defense, and other industries boomed.

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Until recently, the prevailing narrative was that tech was undergoing a long overdue downsizing. Mass layoffs of tens of thousands of tech workers and a plunge in industry IPOs seemed to spell the end of a golden era.

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Yet, the arrival of ChatGPT in November last year marked a turning point, unleashing a torrent of speculation which has buoyed tech stocks this year. Despite tightening monetary conditions, the broad market index S&P 500 has lifted nearly 10% in 2023.

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The rally has been mainly driven by a handful of tech companies, namely Microsoft, Nvidia, AMD, Google, and Meta, with investors betting these firms are best positioned to capture the predicted surge in AI-powered productivity and profits in the coming years.

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Could AI move markets out of the bearish rut and into bull territory?

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Swipe Up For The Rest of the Article

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