Artificial intelligence (AI) has revolutionized technology — and daily living — in numerous ways. As a result, speculations are rife that it might replace tech giants as time goes on.
ARK Invest CEO Cathie Wood shared these sentiments in an interview with Bloomberg. She name-dropped companies like Google, Amazon, and Apple, affirming that they could be toppled in the long run.
Wood mentioned that while ChatGPT could improve Google's products and services, it could also reduce its revenue. She had a similar opinion on Apple.
To her, Amazon was a potential casualty if any chatbot deduced how to explore the web for items' prices better than it. She said, "Many people think that even Amazon will be disrupted…if consumers use ChatGPT or other AI tools…."
She also touched on how some artificial intelligence stocks are transforming the market. Although they perform cyclically, they can herald a new chapter for crypto assets.
With the massive price volatility of crypto, AI stocks and coins have been tipped to take centre stage in the market. Here are some of them that might rally for a bull run:
C3.ai has had its shares surge astronomically by 140% in 2023. Its market cap is currently $3.70 billion, with a share price of $32.94.
The optimism that pervades the stock can be attributed to this stock can be credited to long-term prospects following NVIDIA's astronomical price surge.
NVDA has increased its price by 2.54%, now trading at $389.46. Throughout the year, it has enjoyed an impressive 25% increase.
Nvidia is a primary beneficiary of the new tech craze since it designs GPUs, APIs, and chips. Naturally, therefore, it has enjoyed heightened demand and patronage.
The almost $200 billion added to its market cap pushed it to the fifth spot amongst the biggest companies by market cap. Analysts, traders, and competitors who missed out on this would be scratching their heads in disgust.
META is up by 3.70%, priced at $262.04, and has an average volume of over $25 million. Since the rebrand from Facebook, Meta has immersed itself in the new tech.
Although it has suffered significant losses in billions, the Meta hierarchy still provides substantial cash flow. Therefore the Meta stock can never be counted out.
With Meta at the forefront of technological advancements, the Meta stock would always be a solid asset.
AAPL is up by 1.41% and is trading at $175.43. Beyond its already impressive market cap of $2.7 trillion, analysts opine that a new product launch would further make the stocks attractive.
It is anticipated that Apple will announce its virtual reality (VR) headsets in early June. This could further cement Apple as a leading light in tech and convince traders to buy and HODL the stock.
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