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Wall Street hunts for more AI gold after Nvidia's soaring rally

Economic Times · 10m

Money managers are eager to capitalize on the stock market's fascination with artificial intelligence (AI), following Nvidia's remarkable rally. Nvidia, whose chips are highly regarded in the AI industry, has seen its shares surge by 60% this year, propelling its market value to about $2 trillion. This has prompted investors to search for other AI-focused companies that are poised to benefit from the technology. The increasing interest in AI is evident through record-high mentions of AI on conference calls and the prioritization of AI/machine learning by chief information officers. Despite the risks, such as volatility, investors continue to be drawn to AI-related stocks like Nvidia, Advanced Micro Devices, and MongoDB. Other potential options for AI exposure include companies like Zscaler, Snowflake, Lam Research, and Micron Technology.