Artificial intelligence (AI) was the dominant theme in the stock market last year, and a growing number of businesses are using the technology.

According to Goldman Sachs, 36% of companies in the S&P 500 index mentioned AI in their conference calls with investors during the fourth quarter of 2023, which was up from 31% just three months prior. Investors' interest is beyond piqued, but it will be increasingly difficult to pick winners and losers in the AI race amid the expanding playing field.

Shares of Nvidia, for example, have soared more than 40% in 2024 already, after jumping nearly 240% in 2023. Shares of Upstart Holdings, on the other hand, have plunged 32% so far this year after a 210% jump last year. AI is central to both companies, but their businesses are very different, and AI alone isn't always enough to buoy investors' enthusiasm.

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Source Fool.com