Influential hedge fund managers, such as Steve Cohen, Stanley Druckenmiller and David Tepper, all have something in common: investing in Artificial Intelligence (AI) stocks. These managers have increased their holdings in technology stocks considerably in the first quarter of 2023, which reflects a massive jump compared to other sectors. As hedge fund investments rise, AI stocks are soaring with the Global X Artificial Intelligence & Technology ETF (AIQ) already experiencing a 25% gain year-to-date.
Driven by AI, a revolution is underway that could drastically change the way we live our lives. AI stocks are expected to skyrocket in the coming weeks, months and years; in fact, one AI stock is already up 164% in 2023 alone. This AI stock, which is trading for less than $10, is from a small business developing next-generation computers that are expected to become the foundation for AI applications.
Steve Cohen, Stanley Druckenmiller and David Tepper have all commented on the complexity and potential of AI. Cohen called this moment a “big wave” of opportunities, while Druckenmiller stated that AI is “very, very real” and possibly as impactful as the internet.
These tech-savvy investors recognize the potential of AI stocks and investors should do the same. Not only are hedge funds investing in AI, they are also backing one company – that is exploring the development of AI-infused computers – that seems to be emerging as a leader in the AI industry.
As AI stocks continue to surge, investors should pay close attention to the market and consider investing in these rapidly growing stocks. Investing in AI stocks could be extremely rewarding, as the market capitalization of AI stocks is likely to skyrocket in the foreseeable future.
