Artificial intelligence (AI) took the world by storm since early last year. Software applications like ChatGPT are capable of instantly generating text, images, videos, and computer code through the power of AI, and they are driving a productivity boom for businesses.

In fact, some Wall Street forecasts suggest AI will add anywhere between $7 trillion and $200 trillion to the global economy in the coming decade. Nvidia, which designs the industry's most powerful data center chips for processing AI workloads, has already added over $1.8 trillion to its market capitalization since the start of 2023 alone.

But picking the long-term winners and losers won't be easy. Past technology revolutions (like the internet in the early 2000s) have taught us that for every Nvidia in the AI race, there will be several companies that fail. Here's the good news: Investors don't need a crystal ball to make money if they use one simple strategy.

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Source Fool.com