Artificial intelligence is here, and it's going to have a huge impact on the stock market in the not-too-distant future.
That's the takeaway from a new report from T.Rowe Price, which calls on investors to take a long-term view on the technology and see it as a "long-term investment theme."
The firm lays out a four-level pyramid of AI beneficiaries, with the base of the pyramid being companies that are involved in the "chip ecosystem for advanced semiconductors and semiconductor capex," as well as those that provide AI infrastructure (think Amazon, Apple, etc.) and AI enablers (think IT services companies like Accenture and Microsoft Azure).
At the top of the pyramid, there's "the customized AI applications, where currently there is less visibility as to who the eventual winners are likely to be," T.Rowe Price notes.
In its report, T.Rowe Price notes that the adoption of AI is still in its early stages, but it "appears to be exceptionally rapid compared with previous IT booms such as PCs and smartphones, thanks in part to generative AI and large language models (LLMs), which have encouraged tech and non-tech companies in many industries and sectors to experiment
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