The artificial intelligence (AI) market expanded rapidly over the past few years as more companies recognized the value of crunching large amounts of data to make smarter decisions. Advertisers tapped AI algorithms to craft better targeted ads, autonomous vehicles used AI to spot and avoid obstacles, and large organizations used AI tools to automate tasks and streamline their operations.
The growing popularity of generative AI platforms like OpenAI’s ChatGPT and DALL-E, which allow users to create new content instead of just analyzing existing data, further reinforced the notion that the AI market had plenty of room to expand. According to Fortune Business Insights, the generative AI market could grow at a stunning compound annual growth rate (CAGR) of 47.5% from 2023 to 2030 — so the right AI growth stocks could still generate big multibagger gains.
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