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Artificial intelligence is still a mysterious concept for many everyday consumers, but one thing is clear: businesses are finding immense value in it. In fact, some of the biggest winners in this year’s stock market rally have direct ties to AI advancements.
Chipmaker Nvidia is one such company, with its share price jumping an astonishing 183% this year, adding $2.2 trillion in market capitalization. Nvidia remains the biggest beneficiary of the AI boom, as major cloud vendors and internet companies snap up all the graphics processing units they can find.
Other notable tech stocks that have performed well this year include AppLovin, MicroStrategy, Palantir, and Robinhood.
AppLovin, a company that went public in 2021, has seen its valuation soar past $110 billion, making it worth more than Starbucks, Intel, and Airbnb. The company’s shares are up 758% this year, with its AI-powered ad search engine, AXON, playing a key role in its success.
MicroStrategy, a software company that made headlines for buying up bitcoin, has seen its share price jump 467% this year, with its founder Michael Saylor predicting a surge in the crypto market following Trump’s election win.
Palantir, which sells data analytics tools to defense agencies, has seen its share price jump 380% this year, with CEO Alex Karp declaring that the company is “absolutely eviscerated” by unrelenting AI demand.
Robinhood, a popular financial app, has seen its share price more than triple this year, with crypto transactions jumping 165% in the third quarter.
These companies, along with others, are riding the wave of AI-powered growth, and investors are flocking to the space. According to analysts, AI is expected to continue to drive growth, with revenue from AI-related businesses projected to increase by at least 94% in each of the next six quarters.