Last week, the iconic Dow Jones Industrial Average and benchmark S 500 surged to record highs, while the growth-powered Nasdaq Composite came within a stone's throw of eclipsing its all-time closing high from November 2021. Though growth stocks are most directly responsible for this move higher in the broader market, the more specific trend that's spurring this rally is excitement surrounding artificial intelligence (AI).

AI uses software and systems to undertake tasks that would normally be done by humans. The key ingredient is machine learning, which allows AI-driven software and systems to effectively learn over time and become smarter and more effective at their tasks.

The beauty of AI is that it isn't just grounded in the technology space. It has application in virtually all sectors and industries, which is why the analysts at PwC believe it can add an estimated $15.7 trillion to global gross domestic product by the turn of the decade.

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Source Fool.com