Goldman Sachs says the recent surge in artificial intelligence stocks is not just hype but is driven by genuine potential in the new technology. Generative AI, a form of AI that can create new content and interact with humans in their natural language, has seen a significant uptick in interest since the release of ChatGPT late last year. Investor enthusiasm for the technology has meant exchange-traded funds, such as Global X Robotics and Artificial Intelligence , have rallied this year.
Nvidia shares soared 190% in the first half of 2023, lifting the 30-year-old company's market cap past $1 trillion. That milestone was achieved after the company revealed that it had beaten analysts' expectations on revenue for the first quarter. In addition, Nvidia said it expected sales of about $11 billion in the second quarter , more than 50% higher than Wall Street estimates of $7.15 billion.
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