Investors are betting that the great tech rally of 2023 has staying power, but they appear skeptical about artificial\u002Dintelligence. Read on
, as demand for futuristic tech booms. The benchmark now trades at about 25 times estimated earnings, above its 10-year average of almost 21. And senior corporate executives are talking more about AI this earnings season and less about an oncoming recession.
Nvidia Corp. has become the poster child of the frenzy given its processors are used in computers that power AI applications, rallying more than 200 per cent this year alone. It’s the first chipmaker to boast a US$1 trillion market valuation and 29 per cent of MLIV Pulse respondents reckon it’s on course to become the second- to fourth-largest company in the world within the next two years, from the sixth-largest currently. Adobe Inc.
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