Wall Street hunts for more AI gold after Nvidia’s soaring rally

Money managers are scrambling to cash in on the stock market’s interest in artificial intelligence, as a stunning rally by Nvidia sparks a search for other companies that are capitalising on the technology.

Shares of Nvidia – whose chips are the gold standard in the AI industry – are up about 60% this year after tripling in 2023. The run has pushed its market value to roughly $2 trillion, making it the third-largest U.S. company by market cap after Microsoft and Apple.

It has also spurred Wall Street to search for other AI-focused companies in hopes of catching outsized moves. Whether investors are looking at the broader chip industry or betting on firms elsewhere in the value chain, they agree on one thing: AI is here to stay.