Whether you're a casual investor or trade professionally, chances are you've heard about the current boom in artificial intelligence (AI). After last year's economic downturn caused many tech stocks to fall out of favor, recent advances in AI have bolstered numerous companies across the industry and kicked off a recovery in the market.

Tech behemoths Amazon (NASDAQ: AMZN) and (NASDAQ: MSFT), for instance, suffered double-digit stock declines in 2022 yet have seen their shares rise 51% and 38% since Jan. 1, primarily driven by the companies' prospects in AI.

As the biggest and second-biggest cloud companies in the world, respectively, Amazon and Microsoft will likely play a crucial role in delivering AI services to businesses around the globe. Amazon is home to Amazon Web Services (AWS), which boasts a leading cloud market share and brought in $80 billion in revenue last year. Meanwhile, Microsoft's Azure is the second-largest cloud platform and was close behind AWS in 2022, earning $75 billion.

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Source Fool.com