AI Boom Powered Tech Stocks Strongest Start
AI has just helped technology stocks have their greatest start to a year since 1983.
According to Bloomberg figures published by the Financial Times, the Nasdaq Composite, which tracks the share prices of over 2,500 businesses and is strongly weighted towards technology, climbed 32% in the first six months of 2023, its highest first half in four decades.
According to Dow Jones, the stock market index also had its largest half-year gain since the dot-com boom helped it leap 73% in the second half of 1999.
AI has driven most of the Nasdaq’s recent boom, with investors rushing into related stocks ever since ChatGPT’s popularity skyrocketed at the start of the year.
Chipmaker Nvidia, electric-vehicle manufacturer Tesla, and social-media giant Meta Platforms have emerged as three of the main winners of the AI craze.
(With inputs from Shikha Singh)
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