Jim Cramer Expects AI Stock Rally "Just Beginning"
The Nasdaq 100, which brings together a number of tech companies focused on artificial intelligence (AI), is now up more than 54% after hitting its lows in October 2022, and is getting closer to its November 2021 all-time record.
Individually, companies such as Microsoft and NVIDIA have been much more impressive over the same period, gaining 77% and 340% respectively, as they have made huge strides in the innovation space.
Against this backdrop, Andy Jassy, CEO of Amazon, another giant that is gradually introducing new technologies, believes that generative AI will make its web services worth tens of billions of dollars in the future, as the company moves from local computing to the cloud.
All of this has led Jim Cramer, a former hedge fund manager and current host of CNBC's financial program Mad Money, to confirm that the rise of generative AI has only just begun, and to predict that stocks related to the sector still have a lot of upside potential. The... Growth.
"AI stocks may still have room, perhaps a lot of room to run, even though they are up a lot this week," Cramer said. "If, as Amazon CEO Andy Jassy told me, 90% of the software is still local and not in the cloud where ChatGPT resides, then I think any downturn will be countered by purchases, not sales, because the miracle has just begun, and what other huge trend has stopped in just one year up?" , he stated.
The expert said that generative AI is "far from a cheap gimmick" and will change the way people work and tackle different challenges. $Microsoft(MSFT.US$ $NVIDIA(NVDA.US$
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