Interest in artificial intelligence (AI) applications jumped significantly over the past few months thanks to the massive popularity of OpenAI's chatbot ChatGPT. It's triggered an AI arms race between technology giants, which are now scrambling to develop their own AI applications capable of generating content such as images, videos, text, poetry, and code.

Not surprisingly, the generative AI market is expected to boom over the next decade. Market research firm The Brainy Insights forecasts the generative AI market to hit $188 billion in revenue by 2032 from just $8 billion last year, posting a compound annual growth rate (CAGR) of 36%. This rapid growth is going to create a massive opportunity for the likes of Nvidia (NASDAQ: NVDA) and C3.ai (NYSE: AI), two companies that are right in the middle of the AI revolution.

In fact, both AI stocks have been on hot streaks on the stock market in 2023. While Nvidia is up about 77%, C3.ai stock has shot up a whopping 93%. So it is safe to say that Nvidia and C3.ai are already on bull runs, and it wouldn't be surprising to see them sustain their hot momentum for a long time to come. Let's look at the reasons why.

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Source Fool.com