For short-term traders, “artificial intelligence” is the buzzword driving the stock market in 2023. Technology giants like Alphabet and Microsoft, semiconductor stocks, and healthcare names are all experiencing the AI frenzy, which is boosting exchange traded funds. AI-focused funds, such as iShares Robotics & Artificial Intelligence Multisector and
Investors have benefitted greatly from the obsession with “machine learning” in 2023, as the Nasdaq Composite has outperformed other benchmark indices. Although the entire market is up, the tech-heavy index has risen by 12%, while the S&P 500 and Dow Jones Industrial Average have increased by 6.5% and 2.2%, respectively, as of Friday’s close.
This rally in tech stocks is a bright spot following the end of the era of limitless growth in 2022. Major technology stocks, such as Meta Platforms, are among the biggest gainers this year, up 44.7% after plunging 64% last year.
Notably, stocks focused on artificial intelligence are also experiencing a surge, with C3.ai and BigBear.ai shares up more than 105% and 615%, respectively, this year, buoyed by the disruptive conversational chatbot ChatGPT, which is revolutionizing internet searches. In the years ahead, a battle is brewing between Alphabet and Microsoft to become the leader in AI.
ARK Autonomous Technology & Robotics, have seen gains of around 19% this year.
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