The artificial intelligence (AI) market charmed Wall Street in 2023, with excitement over the generative technology fueling a 50% boost in the Nasdaq-100 technology sector over the last 12 months.

Over a year has passed since OpenAI launched ChatGPT, the general start of the boom in AI, and the industry has shown no signs of slowing. In fact, according to data from Grand View Research, the AI market is projected to expand at a compound annual growth rate of 37% through 2030, which should see it hit close to $2 trillion in spending.

Chipmaker Nvidia (NASDAQ: NVDA) has taken much of the spotlight in AI, as its graphics processing units (GPUs) have become the go-to for developers worldwide. Its shares are up 220% since last May, achieving the world's third-highest market cap (after and Apple).

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Source Fool.com