The stock market has been in recovery mode since the S 500 index hit a low on Oct. 12, 2022, with the index rising more than 24% since then thanks to resilient economic growth, cooling inflation, and a strong jobs market.

This impressive rally led some investors to believe that we are already in the midst of a bull market (bull market definitions vary and some say exceeding the previous high is also needed). What's more, Bank of America analysts expect the S 500 to hit the 5,000 level next year, which would translate into a 12.4% jump from current levels.

That's why now would be a good time for investors to add the likes of (NASDAQ: GOOG) (NASDAQ: GOOGL) and Taiwan Semiconductor Manufacturing (NYSE: TSM) to their portfolios -- two companies that could soar in the event of a bull market as they are on track to take advantage of the growing adoption of artificial intelligence (AI). Enthusiasm around AI turned out to be a key growth driver for the stock market in 2023, and the good part is that this technology is still in its early phases of growth.

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Source Fool.com