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Tech stocks reach new heights fueled by AI productivity boom

Published Nov 07, 2023 14:42
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Tech stocks have soared to record highs, surpassing previous peaks from the dot-com bubble and the 1960s bull market, according to Bank of America (NYSE:BAC). This surge has been attributed to the "AI productivity miracle bull," as termed by investment strategist Michael Hartnett.

The launch of OpenAI's ChatGPT chatbot in November 2022 marked a significant shift from the bear market of the previous year. This event triggered a substantial 43% rise in the Nasdaq 100. Alongside this, the Technology Select Sector SPDR ETF (NYSE:XLK) also witnessed a remarkable leap, increasing by 47%, and significantly outperforming the S&P 500's 18% increase.

AI leaders Nvidia (NASDAQ:NVDA), Alphabet (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT) are well-positioned for business growth due to widespread AI adoption. The role of AI in driving efficiencies and productivity gains has been underscored by Wharton professor Jeremy Siegel. He predicts a long-term profit boost amid the ongoing AI boom.

This surge in tech stocks is closely linked to advancements in AI technology, particularly with the advent of sophisticated tools like OpenAI's ChatGPT chatbot. As AI continues to be adopted across various sectors, it is expected that tech stocks will maintain their upward trajectory, reflecting the growing influence of artificial intelligence in business operations and productivity enhancements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Tech stocks reach new heights fueled by AI productivity boom
 

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