The AI Market is Picking Up Steam
Market News

The AI Market is Picking Up Steam

There’s been a lot of buzz around ChatGPT as of late. With this AI potentially able to do everything from destroying the creative industry to turning teaching into a big wild goose chase for plagiarism, it’s no surprise investors are watching this area for opportunities like coffee-swilling hawks. Already, a couple of significant developments are in play and catching some real interest.

First, there was C3ai (NASDAQ:AI). Just last week, it landed hefty gains from a D.A. Davidson commentary that gave it a lot of room to run. Investors put extra heat on the stock in Monday afternoon’s trading, thanks in large part to the commentary and an upcoming event with Google (NASDAQ:GOOG). Google’s event will address “using the power of AI” and probably some points on its own investment in the field.

Second, SoundHound (NASDAQ:SOUN) also made substantial advances, with the stock up over 20% at one point in Monday afternoon trading. SoundHound’s use of AI focuses on improving voice chat, so an AI conversation sounds more natural than what talking to a computer normally sounds like. A recent deal with Airmeez, a customer engagement tool, likely gave SoundHound a boost by demonstrating real-world use cases.

A look at the Global X Robotics & Artificial Intelligence ETF (BOTZ) demonstrates particularly well what’s going on in this industry. Over the last year, it was in a state of general decline until mid-October. That’s when a rally kicked in that’s been largely going on ever since. It’s still off its highs for the last year, but it’s already recovered sufficiently to the prices seen last May.

Disclosure

Go Ad-Free with Our App