Artificial intelligence (AI) has been around for years but the industry really caught fire this year.

Following OpenAI's release of the ChatGPT chatbot last November, you can hardly read the paper or turn on the TV without finding out something new about machine learning and then next big business opportunity in the AI market. At the same time, the global economy is finally getting over the inflation scare of 2022, and the interest rate hikes that have been limiting price growth are now slowing down.

As a result, AI stocks are leading the charge in a broad-based market recovery in 2023. The S 500 index has delivered a total return of 15.9% year-to-date, trailing a 31.3% jump in the tech-heavy Nasdaq Composite index and an even loftier 36.9% return on the Nasdaq CTA Artificial Intelligence index.

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Source Fool.com