Tech stocks have skyrocketed since the start of last year. The Nasdaq-100 index rose 67% in 2023, massively improving on the 40% plunge it took the year before.

An economic downturn in 2022 triggered a marketwide sell-off that affected countless tech stocks. However, Wall Street has grown bullish about the industry again thanks to a boom in artificial intelligence (AI). The launch of OpenAI's ChatGPT reinvigorated interest in AI and has been a leading growth driver in the tech market's recovery.

Data from Grand View Research shows the AI market hit nearly $200 billion last year and is projected to expand at a compound annual growth rate of 37% through 2030. Alongside tailwinds from several other high-growth sectors like cloud computing, virtual reality, and more, now is an excellent time to invest in tech.

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Source Fool.com