The hype over artificial intelligence has resulted in a positive performance in the U.S. stock market this year, says a Societe Generale analyst.
“The AI boom and hype is strong,” London-based Manish Kabra, a strategist at the financial services company, said in a note on Friday, according to Bloomberg. “So strong that without the AI-popular stocks, S&P 500 would be down 2 percent this year.” The S&P 500 is up by 7.84 percent year-to-date as of May 12. Stocks of major tech firms involved in AI technologies have rallied this year.
Shares of Alphabet Inc, which owns Google, are up by over 31 percent year-to-date. Microsoft is up by close to 29 percent, while Nvidia has surged by nearly 98 percent….