Billionaire Daniel Loeb Compares the Dawn of Artificial Intelligence (AI) to the Introduction of the PC and the Internet. 3 No-Brainer AI Stocks to Buy Now.
What a difference a year makes. In December, Wall Street ended its worst year since the Great Recession of 2008. Eight months later, the economic clouds have dissipated. All three of the major market indexes have rebounded more than 20% since their recent lows, with some market watchers heralding the beginning of the next bull market.
What helped fuel this reversal? There are several potential reasons, but many analysts will point to recent advancements in the field of artificial intelligence (AI). The debut of ChatGPT late last year showcased the wide-ranging potential of generative AI, which has since acted as a big catalyst to drive the market higher.
Considering the big runup over the past year, some analysts fear the rally has gotten ahead of itself. Billionaire Daniel Loeb isn't one of them. He sees these developments as "transformational," and believes a "profound economic upheaval" is underway. While many stocks could benefit from the AI arms race, Loeb highlights three stocks he calls "picks and shovels" in his second-quarter letter to investors earlier this month.
Source Fool.com
