AI Is Taking the World by Storm: 2 Popular AI Growth Stocks Billionaires Keep Buying Hand Over Fist
Artificial intelligence (AI) has been a low-level investing trend for several years now, but recent advancements took the technology to a whole new level of interest in 2023. Generative AI -- so-called because it can generate its own original content -- garnered attention by demonstrating a growing number of use cases for these systems, including many new consumer and business applications. This leap forward in technology has enthralled investors, sparking a bull run on all things related to AI.
While estimates vary wildly, the current phase of AI development has real potential to be especially lucrative and far-reaching. Cathie Wood's Ark Investment Management has crunched the numbers and it estimates that AI software could represent a revenue opportunity of as much as $14 trillion by 2030. That estimate may be pie in the sky, but it helps illustrate the magnitude of the opportunity.
Some of Wall Street's most prominent hedge funds and billionaire investors are seizing the opportunity, snapping up shares of AI-related stocks, with an eye toward benefiting from the current AI boom. Let's look at two stocks that billionaires are buying hand over fist.
Source Fool.com
