Artificial intelligence boom generates optimism in tech sector as stocks soar

The rush into AI has given the flagging technology industry a share price lift, but some investors still remain cautious

US tech companies started the year in the doldrums, beset by a cost overhang from excessively zealous pandemic hiring sprees and fears about the impact of rising interest rates. Things were looking grim – then along came artificial intelligence (AI).

Tech stocks and the blue-chip S&P 500 index have since been buoyed by breakthroughs in generative AI – led by the ChatGPT chatbot – and the promise of a new era of growth for the sector. The S&P 500 is up 18.6% so far in 2023 while the tech-heavy Nasdaq composite is up 35.7%. Six months is a long time in a fast-moving industry.

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