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AI pioneers as 2022 draws to a close OpenAI ChatGPT is now publicly available. In less than two months, the revolutionary LLM (Large Language Model) has surpassed 100 million active users, making it the fastest adoption of a new technology in history.
ChatGPT, and artificial intelligence as a whole, dominated the news cycle for much of 2023, sparking incredible investor interest in this technology and the companies driving its development. This is more than just hype; AI has the potential to truly transform the economy faster than any previous technology. PwC estimates that AI could add an eye-popping $15.7 trillion to the global economy within 10 years.
It’s no surprise that investors are always looking for ways to stay ahead of the curve, and many are looking for the right companies to back them. microsoft (NASDAQ:MSFT) is a solid play as the tech giant owns 49% of Open AI and has invested heavily in its cloud platform, Azure, to power LLM and other AI models. We have established ourselves as the best cloud provider. Another favorite, tesla (NASDAQ:TSLA), It’s popular among people who believe the company will bring true self-driving cars to life.
But the darling of AI investing is definitely Nvidia (NASDAQ:NVDA). The company’s specialized and extremely powerful chips are essentially what enable AI model functionality. NVIDIA continues to meet its revenue goals time and time again, and the company’s stock price reflects that. NVDA is up over 220% year over year.
ETF
Choosing the right horse can be very difficult. Many investors prefer broader exposure and a professional team to manage it, so he chooses ETFs (Exchange Traded Funds) instead.
So which AI-focused ETF has performed best so far this year? Spear Alpha ETF (NYSE:SPRX). The fund has performed very well, gaining more than 17% since January 1st.
The fund is actively managed by Ivana Derevska, whose performance as captain so far has been impressive. SPRX rose 88% in 2023, making it one of the best performing non-leveraged non-Bitcoin funds on the market.
Although the fund is relatively small, with just over $63 million in total assets under management, it is growing faster than its larger rivals, including: iShares US Technology ETF (NYSE:IYW), up 10.76% since the beginning of the year.or Global X Robotics and Artificial Intelligence ETF (NASDAQ:BOTZ), up 8.84%.
Photo by Addie Goldstein on Unsplash
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