Artificial intelligence (AI) stocks have been in red-hot form on the market in 2023, which is not surprising -- the technology has the ability to transform multiple industries and significantly boost the global economy.

Goldman Sachs estimates that generative AI could boost the global gross domestic product (GDP) by 7%, or $7 trillion, over the next decade. This explains why Nvidia (NASDAQ: NVDA) stock has erupted over the past year and jumped 192% as of this writing. However, this massive rally in Nvidia stock isn't over yet, and the Wall Street-high price target of $1,100 per share suggests that the stock could go on another quick run higher and rise 170% from current levels.

However, Nvidia isn't the only AI stock that could go on a parabolic run, which refers to a rapid rise in the price of a stock in a short time span, akin to the right side of a parabolic curve on a chart. (NASDAQ: MSFT) is another tech giant capable of going parabolic after its latest results. Let's look at the reasons why both Nvidia and Microsoft could soar much higher.

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Source Fool.com