Since the rise of ChatGPT, AI — which appears to have gone from potential reality to present reality — has been dominating headlines. It’s also been affecting the stock market, with investors jumping on the AI bandwagon in droves.
Here’s a glimpse into 7 stocks that have been on the rise over the past few weeks. Note that today (May 31, 2023) is a down day for the market in general, so all of these stocks experienced at least a gentle dip as of Wednesday morning. But they’re still robust choices overall, on a strong trajectory of growth.
Alphabet, the towering parent of Google, is a pioneer in the technology space, with an increasing focus in AI. As of May 30, Google stock price was up almost 40% year-to-date, according to Capital.com. Google is famously working on the Bard AI project.
Adobe has long been active in the AI space, but it’s getting smarter and sleeker about its choices as this nascent industry solidifies. “In our view much of (the stock’s) out-performance (Adobe shares are up 24% over the last two weeks) has been driven by a reversal of AI concerns (from an ‘AI loser’ to AI being neutral if not a tailwind for Adobe),” UBS analysts wrote, as reported by Proactive Investors.
Longtime investor favorite Amazon isn’t shying away from the AI boom. On April 13, Amazon announced the launch of its own AI service (Amazon Lex) and made two new AI language models available through Amazon Web Services. Amazon’s stock catapulted once the news broke.
Baidu, a popular Chinese search engine, saw its stock rise when it announced in March that it was rolling out a ChatGPT competitor, ERNIE Bot.
On March 3, 2023, C3.ai’s stock jumped as much as 31.5%, according to reporting by The Motley Fool. The boom reflects the overall momentum around AI advancements. C3.ai is an AI software provider.
6. Micron Technology
Micron Technology, a maker of computer memory and computer data storage (that accommodates AI), has had some stellar performance in the market of late.
7. NVIDIA Corporation
Welcome, NVIDIA, to the trillion dollar valuation club! As of May 30, 2023, the GPU manufacturer and designer’s stock value has tripled in under 8 months, according to Reuters. Although the stock has dipped since, it’s likely to make up this ground, and more.
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