All eyes have been on artificial intelligence (AI) stocks in 2023, with the market almost singlehandedly triggering a recovery for the Nasdaq Composite after it plunged more than 30% last year.

Macroeconomic headwinds curbed consumer and commercial spending in 2022, leading to a sell-off. However, the launch of OpenAI's ChatGPT in November 2022 made Wall Street bullish about tech stocks again, with countless companies restructuring their businesses to focus on the technology. As a result, the index has soared 43% since Jan. 1.

According to Grand View Research, the AI market is valued at $137 billion, but is projected to exceed $1 trillion by the end of the decade, expanding at a compound annual growth rate of 37%. The significant growth potential suggests it's not too late to invest in this budding industry and profit from its long-term development.

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Source Fool.com