One of the big secular trends of the past year has been artificial intelligence (AI). The market for AI is forecast to hit $305.9 billion in 2024, and expected to grow to $738.8 billion by 2030.

This market expansion serves as a multiyear tailwind for companies developing AI technology. That includes tech veterans International Business Machines (NYSE: IBM) and (NASDAQ: MSFT). The demand for each company's AI offerings helped propel both companies' stocks higher over the past year.

IBM shares were at a 52-week low of $120.55 last May before reaching a high of $196.90 this year. Meanwhile, Microsoft shares went from a 52-week low of $245.61 last March to a high of $420.82 on Feb. 9.

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Source Fool.com