AI has significantly impacted the broader market, with Nvidia’s shares surging over 150% since the beginning of 2024, driven by the growing demand for AI technologies. This AI-driven surge has contributed to the market achieving more than 37 record highs this year. Proponents believe that AI will boost productivity and profits, potentially leading to sustained market growth. However, critics express concerns about the market’s dependence on a few technology giants.

Nvidia is not the sole beneficiary of the AI surge; firms like Taiwan Semiconductor Company (TSMC) are also part of the “picks and shovels” associated with the AI boom. TSMC is a key player in producing the chips distributed by Nvidia and other major AI companies. Additionally, well-known giants like Microsoft and Google are actively working to integrate AI technologies into everyday life, both at home and in workplaces.

The AI rally has helped the broader market reach more than 37 all-time highs year-to-date. Nvidia’s shares have skyrocketed over 150% since the beginning of 2024, primarily driven by the surging demand for AI that has accelerated following the debut of ChatGPT. This AI-driven surge has contributed to the broader market achieving more than 37 record highs this year. Proponents are optimistic that AI will boost both productivity and profits, potentially leading to sustained market growth. However, some critics express concern regarding the market’s dependence on a handful of technology behemoths, such as Nvidia.

It’s important to note that Nvidia isn’t the sole beneficiary of the AI surge. Firms like Taiwan Semiconductor Company (TSMC) are also part of the “picks and shovels” associated with the AI boom, as TSMC is the key player in producing the chips distributed by Nvidia and other major AI companies. Additionally, well-known giants like Microsoft and Google are actively working to integrate AI technologies into everyday life, both at home and in workplaces. This landscape is a vast and intricate network of various entities all vying for a foothold in the AI sector.