AI Frenzy Accounts for All of S&P 500 Gain in 2023, SocGen Says
- Without ‘hype,’ S&P 500 would be down 2% this year, firm says
- Strategist Kabra recommends Microsoft, Accenture as AI plays
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The investing frenzy around artificial intelligence has been so strong that without it, US stocks would be down for the year, according to Societe Generale SA strategist Manish Kabra.
AI-hungry investors have propelled shares of Nvidia Corp., which makes the chips needed for complex AI computing tasks, up by 96% this year. They’ve also powered rallies at Microsoft Corp. and Alphabet Inc. as the tech behemoths race to add AI features to their products and services.