Lesser-known companies have surged on the back of AI, like semiconductor design companies Cadence Design Systems and Synopsys.
The promise of generative artificial intelligence through the use of chatbots like OpenAI’s ChatGPT and Alphabet’s Bard has fully caught the attention of Wall Street in 2023.
A recent earnings report from Nvidia, which included “jaw-dropping” revenue guidance thanks to its exposure to chips that enable AI, sparked a rush for AI stocks and helped add nearly $200 billion to Nvidia’s market value in a single day. The stock has gone on too rally to a $1 trillion market valuation for the first time ever.
It’s not just Nvidia that is soaring on the growing investor frenzy surrounding artificial intelligence.
