After start-up OpenAI stunned the tech world in November 2022 with the launch of ChatGPT, an advanced chatbot capable of producing human-like prose based on prompts, many companies pivoted their businesses to make some artificial intelligence (AI) connection. According to Grand View Research, the AI market was valued at $136.55 billion in 2022 and is projected to expand at a compound annual growth rate of 37.3% through 2030 as the technology pushes numerous industries forward, such as healthcare, education, consumer tech, and more.

As a result, Microsoft's $1 billion investment in OpenAI in 2019 looks like the foresight of the century, with the start-up's technology already being integrated into Microsoft's cloud platform Azure. In fact, recent reports say Microsoft is now considering a further investment of $10 billion into OpenAI to grow its stake in the lucrative market.

While Microsoft looks poised to be a major player in the future of AI, two other companies will likely help boost the industry over time: Nvidia (NASDAQ: NVDA) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). These companies have a lot to gain from the swiftly expanding industry, making their stocks compelling buys.

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Source Fool.com