1 Artificial Intelligence (AI) Stock That Has Created Millionaires and Will Continue to Make More
The artificial intelligence (AI) market exploded last year and has shown no signs of slowing. The launch of OpenAI's ChatGPT reinvigorated interest in AI and caused countless tech companies to restructure their businesses with an emphasis on the budding industry.
Increased demand for AI services boosted graphics processing unit (GPU) sales accordingly, as the chips are crucial for training AI models. As a leading chipmaker, Nvidia (NASDAQ: NVDA) has massively profited from increased demand for GPUs, getting a head start in the industry and snapping up a majority market share in AI chips in 2023.
The chipmaker's earnings skyrocketed over the last year, with its stock delivering triple-digit growth since last February. Meanwhile, GPU demand looks unlikely to dissipate any time soon, as the AI market is projected to expand at a compound annual growth rate of 37% until at least 2030. Consequently, Nvidia remains one of the best ways to invest in the high-growth sector.
Source Fool.com
