AI may be one of the most explosive stories of the year.
We already know that according to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030.
And, according to Marketing AI Institute, “Artificial intelligence will, on average, boost rates of profitability by 38% and provide an economic boost of $14 trillion in additional gross value by 2035, according to research by Accenture.
Now, Bank of America says AI is on the brink of an “iPhone moment” and could boost the global economy by $15.7 trillion in seven years.
“We are at a defining moment – like the internet in the ’90s – where Artificial Intelligence (AI) is moving towards mass adoption, with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution,” said the firm, as quoted by Business Insider.
“It took ChatGPT just 5 days to reach 1 million users, 1 billion cumulative visits in 3 months and an adoption rate which is 3x Tik Tok and 10x Instagram’s,” they added. “The technology is developing exponentially.”
Most of us are already familiar with some of the potential leaders in the AI story, including Nvidia (NVDA)—which provides the processing power needed to run AI applications, Advanced Micro Devices, Microsoft, and Palantir to name a few. There are even some top ETFs to consider, including the Global X Robotics & Artificial Intelligence ETF (BOTZ).
With an expense ratio of 0.68%, The Global X Robotics & Artificial Intelligence ETF (BOTZ) seeks to invest in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence (AI), including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles, according to Global X.
But there are many more opportunities, according to Bank of America.
In fact, in addition to the ones mentioned above, the firm lists Alphabet, Meta Platforms, Baidu, Adobe, Arista Networks, Apple, and Taiwan Semiconductor.
In short, as the AI story intensifies, prepare your portfolio.