How developments in AI are boosting the US stock market

To ensure more productive operations of businesses in the coming years, the latest developments in artificial intelligence (AI) are fueling optimism for investors. Apart from this, the technology is also reportedly providing a big boost to the US stock market. The drastic growth in AI developments has opened the doors to the profit potential that might be possible with new revenue opportunities and productivity improvements. These developments have analysts predicting favourable results. According to a report by Reuters, only a handful of the S&P 500’s biggest stocks have driven the numbers by 9% in 2022. Some of these stocks are major participants in the AI race that started with the success of the ChatGPT chatbot in October 2022.

What analysts have to say
Co-founder of DataTrek Research, Jessica Rabe said that the stocks of five companies were responsible for the S&P 500’s entire year-to-date return.