Interest in artificial intelligence (AI) skyrocketed after the launch of OpenAI's ChatGPT in November 2022. The chatbot highlighted how far AI has come, with the potential to advance countless industries, including cloud computing, e-commerce, consumer products, healthcare, education, autonomous driving, and more.

In fact, according to data from Grand View Research, the AI market is projected to expand at a compound annual growth rate of 37% until at least 2030. The market's trajectory would see it exceed a value of $1 trillion before the decade's end. As a result, it's not surprising that numerous AI stocks have soared over the last year.

For instance, (NASDAQ: MSFT) shares have climbed 69% since last January, rallying Wall Street with its 49% stake in OpenAI. The partnership has granted Microsoft access to some of the industry's most advanced AI models, suggesting the Windows company has significant potential in the sector.

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Source Fool.com