Tech stocks look set to potentially continue AI-led hot streak

Posted by Anton Murray Consulting on 13 Mar, 2024


Despite last year’s shaky macroeconomic backdrop, markets defied expectations – global equities finished the year 24 per cent ahead while the technology-heavy Nasdaq achieved a stellar 45 per cent. For its part, the S&P 500 delivered a 26 per cent total return – and the so-called “magnificent seven” – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – accounted for 62 per cent of this. These superior total returns reflected technology’s exponential growth rate, related earnings and of course, the excitement around the rise of generative artificial intelligence (AI).

Generative AI, thrust into popular culture via applications like Open AI’s conversational AI engine ChatGPT, can create and produce text, images, video, and numerous other types of content. Generative AI can use and manipulate huge data sets to generate outputs which are beyond the capability of humans. As such, its potential to disrupt an abundance of industries is huge. It will also underpin new applications across sectors as diverse as autos, healthcare, and finance.

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