These 3 AI Stocks (Not Named Nvidia) Have More Than Doubled So Far in 2023. Is There More to Come?
While 2022 was a year most investors would rather forget, this year has started out much differently, giving many people hope that the worst has passed. After weathering the worst downturn in over a decade, things have turned decidedly positive in 2023. Each of the major market indexes has gained more than 20% from their respective lows, leading many market watchers to call the beginning of the next bull market, at least according to that measure.
The catalyst sending many stocks higher is the next generation of artificial intelligence (AI) technology. The broad and widespread use cases for generative AI have captured the public imagination, and business leaders are scrambling to benefit from the potential productivity gains -- and with good reason. One of the more bullish prognostications comes from the technology gurus at Cathie Wood's Ark Investment Management, which estimates that the global AI software market could represent a $14 trillion opportunity by 2030.
Nvidia has been at the epicenter of this AI gold rush, as its processors are the gold standard for running these AI systems, and the company has gained a whopping 188% so far this year as a result. That said, AI isn't the only catalyst sending stocks higher this year. Numerous businesses -- with more tenuous connections to AI -- have gained more than 100% in 2023, and some could still have further to run. Let's take a look.
Source Fool.com
