Artificial intelligence (AI) has already been put on the map after the commercial launch of ChatGPT. This has led many to speculate about which companies will benefit from the rise of artificial intelligence.
Major bank Morgan Stanley points out to CNBC that Microsoft and Alphabet, the holding company for Google, are obvious candidates. However, they believe there are many other candidates on Wall Street who would benefit from the rally.
Analyst Eric Woodring points to several stocks that could benefit from increased use of generative AI, as he believes the increased demand for data warehousing will be able to drive up prices.
Looking at Apple
Woodring privately believes tech giant Apple is an obvious candidate. He argues that many of the iPhone components produced by the company itself can be used in artificial intelligence.
– We believe that the expertise Apple has already invested in is within reach with the growing interest in AI. We also believe consumers will use more AI-based apps on the phone, Woodring wrote to CNBC.
He also writes that IBM has already been developing AI-powered services for its customers for several years. He expects this to continue, and it could be a positive for the stake.
Finally, he points to Dell Technologies as a buy candidate if you want to position yourself against the rise of artificial intelligence.
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