AI Revolution: 2 Artificial Intelligence Growth Stocks Billionaire Investors Are Buying Hand Over Fist
Artificial intelligence (AI) has been in development for nearly a century. The concepts behind it were first discussed back in the 1930s by noted mathematician and computer scientist Alan Turing. Turing is also credited with engineering the first modern computer and developing the predecessor to contemporary algorithms. Further developments by numerous pioneers in the field eventually brought together enough computing horsepower, big data analysis concepts, and cloud computing systems to produce some dramatic advances in the technology this past year. These advances forced AI into the spotlight in the tech world and in the investing world.
News that the next generation of generative AI was ready to go started a stampede by big tech to profit from this fast-evolving technology, and the stakes are massive. Cathie Wood's Ark Investment Management has run an analysis of the potential and concluded that AI software could represent a $14 trillion annual revenue opportunity by 2030.
Some of the world's most successful hedge fund billionaires are positioning themselves to profit from this potential AI gold rush, buying shares of the companies they feel are best positioned to profit from the proliferation of the technology.
Source Fool.com
