Generative AI Sales Could Soar 2,040%: My Pick for the Best AI Stock to Buy Now (Hint: Not Nvidia)
Generative artificial intelligence (AI) uses large language models and other machine learning models to create text, images, video, audio, and computer code. Use cases range from digital assistants that improve worker productivity to intelligent avatars that make video games more lifelike.
Bloomberg Intelligence expects generative AI revenue to exceed $1.3 trillion in 2032, up from $63.5 billion in 2023. Put differently, Bloomberg believes spending across generative AI hardware, software, and services will surge 2,040% over the next nine years.
Some analysts see an even bigger market. For instance, McKinsey & Company research suggests generative AI will eventually contribute $7.9 trillion annually to the global economy. Opportunities like that come along rarely, so investors should position their portfolios accordingly.
Source Fool.com
