FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Each wave introduced major new businesses to the economy and generated astonishing wealth for founders like Jeff Bezos and Elon Musk as well as ordinary investors. At the same time, many of the companies whose shares soared in previous market booms eventually saw their stock prices fizzle, a fate that may await some of the market’s current AI favorites.
Smaller ETFs have also prospered. Assets in the Themes Generative Artificial Intelligence ETF tripled to about $20 million from $7.5 million earlier this month, said Taylor Krystkowiak, investment strategist at Themes ETFs. The S&P 500 is up nearly 8 per cent year-to-date, fueled in part by rallies in AI beneficiaries such as Nvidia and Microsoft, following a 24 per cent gain last year. The AI fervor has also driven parabolic moves in the shares of other companies, including a more than 250 per cent gain in Super Micro Computer, which joined the S&P 500 this week.
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