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Artificial Intelligence Enthusiasm in the Stock Market

The excitement surrounding artificial intelligence has been steadily increasing in the stock market.

Wednesday night’s Nvidia (NVDA) earnings call will mark a significant milestone, as it has been a year since the chipmaker caused a stir on Wall Street with its demand for AI chips. Since then, conversations and mentions of AI have seen a 186% growth on earnings calls since the first quarter of 2023, as per Bank of America Research.

This surge in interest is reflective of how the narrative around AI has shifted from being primarily about AI chipmakers like Nvidia (NVDA) and AMD (AMD) to focus on AI power users such as Alphabet (GOOG, GOOGL), Meta (META), Amazon (AMZN), and Microsoft (MSFT). Furthermore, experts have identified a broader trend where other sectors like Energy (XLE), Utilities (XLU), and Commodities are also poised to benefit from the increased usage of AI technologies.

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Expanding Impact of AI in Different Sectors

“It’s not just about NVDA anymore,” noted Bank of America US and Canada equity strategist Ohsung Kwon in a recent communication to clients, indicating the evolving landscape of AI integration in various industries.

This transition has already started influencing the market dynamics, with certain sectors like precious metals, utilities, and energy experiencing notable growth. Companies like Texas-based Vistra Corp (VST) and Constellation Energy (CEG) have witnessed substantial increases in their stock value, comparable to Nvidia’s remarkable performance.

Morgan Stanley’s chief investment officer Mike Wilson highlighted the Utilities sector as offering promising potential in the AI power theme. The firm’s Power and Utilities team foresees a significant rise in electricity consumption, driven by large AI data centers.

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Companies Embracing AI Innovation

Research from Goldman Sachs shows a significant spike in the mentions of AI in the Energy sector during the first quarter. This indicates a growing awareness and adoption of AI technologies among companies in the industry.

Given the profound implications of AI advancements, investors are closely monitoring Nvidia’s upcoming report for insights into the demand for AI chips, which could potentially influence various sectors.

AI legalese decoder can help investors navigate the legal language and implications surrounding AI investments, enabling them to stay ahead of market trends and make informed decisions.

Should Nvidia maintain its impressive track record of surpassing analyst expectations and sustaining robust demand for AI servers, the ripple effects could extend to a wide range of sectors.

JPMorgan Asset Management’s global market strategist Jack Manley cautioned that any shift in market sentiment towards AI investments could create volatility in valuations, emphasizing the need for vigilance and strategic decision-making.

Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.

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