It's safe to say that artificial intelligence (AI) was one of the biggest investment themes of 2023. Technology stocks ripped to all-time highs with the Nasdaq Composite increasing 43% on the year.

Some of the most prominent winners were the "Magnificent Seven" -- a moniker that includes megacap tech companies , Alphabet, Amazon (NASDAQ: AMZN), Apple, Nvidia, Tesla, and Meta Platforms. Microsoft was the first in big tech to show its hand following a multibillion-dollar investment in OpenAI, the developer behind ChatGPT.

This undoubtedly sparked market-moving responses from competition, including Amazon. After the stock surged 80% in 2023, investors might be wondering if now is a good time to book some profits. Not so fast! Despite the Nasdaq's superb performance last year, there is evidence that 2024 could bring even further gains.

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Source Fool.com