AI shares beyond ‘Big Tech’ – Investors’ Chronicle – Investors Chronicle
- When the ‘shovel stocks’ are expensive should investors look again at the gold rush?
- Underlying business fundamentals and valuation must still rule investment cases
When a technology is billed as generationally, even existentially, transformative, the primary impulse is often fear. The second is a desire to make money, and as initial wonderment at ChatGPT obliterating bar exams and the image-generating power of Stable Diffusion subsides, the launch of corporate, divisional and departmental artificial intelligence (AI) focus groups will be frenzied.
For investors, the obvious plays to profit from generative AI are already a crowded trade. It’s a popular adage to ‘invest in shovel-makers when there’s a gold rush’, but shares in Nvidia (US:NVDA), which makes many of the graphics processing units (GPUs) facilitating generative AI, have already trebled in value this year.
In the case of Microsoft (US:MSFT), AI fervour is only part of the story: its continued strong profit growth is…
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