- 2023 So far, artificial intelligence has been one of the major topics on Wall Street.
- Tech companies such as Amazon, Meta, Nvidia, and Intel have all benefited from investor excitement.
- But some far from high-tech companies see AI as useful for their future.
A robot playing the piano at the Apsara Conference, a conference on cloud computing and artificial intelligence, in China on October 19, 2021. While China is revamping its technology rulebook, the European Union is scrapping its own regulatory framework to curb AI. But we have not crossed the finish line yet.
Stra | AFP | Getty Images
In 2023, the artificial intelligence frenzy has taken Wall Street by storm.
The root of this madness was found last November when OpenAI launched its now infamous Large Language Model (LLM) ChatGPT. The tool touted some impressive features, and rival Google spurred his AI race just a few months later by announcing its own chatbox – Bard AI.
But the enthusiasm grew even more. Investors began flocking to stocks that could offer ample exposure to AI, such as C3.AI, chip maker Nvidia and even Tesla, which posted impressive gains despite the generally tense macroeconomic environment.
Like “blockchain” and “dotcom” before it, AI has become a buzzword that companies want to grab.
Now, some people with little or no historical connection to artificial intelligence are promoting the technology on conference calls with analysts and investors.
Supermarket chain Kroger touts itself as having a ‘rich history as a technology leader’,” And CEO Rodney McMullen cited this as the reason the company is poised to capitalize on the rise of artificial intelligence. McMullen specifically pointed out how AI could streamline customer research, allowing Kroger to capture data and deploy it to stores more quickly.
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Shares of the supermarket giant are up just over 4% this year.
“We believe robust, accurate and diverse first-party data is essential to maximizing the impact of innovation, data science and AI,” McMullen told investors at the company’s June 15 earnings call. I have,” he said. “As a result, Kroger is well positioned to successfully implement these innovations and deliver a better customer and employee experience.”
Similarly, Tyson Foods, the world’s second-largest producer of chicken, beef and pork, believes it can benefit from explosive investment and excitement over artificial intelligence. However, CEO Donnie King is skeptical about how AI will affect the company’s future, or what specific uses the technology will have in Tyson’s business. did not reveal.
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Tyson Foods shares are down more than 20% since January.
“…and we continue to build digital capabilities by operating at scale with digitally-enabled standard operating procedures and using data, automation and AI technologies in our decision-making,” King said May 8. He spoke to investors at an earnings call.
For heating, ventilation and air conditioning (HVAC) equipment maker Johnson Controls, artificial intelligence could help the company navigate a volatile macroeconomic environment, the magazine suggests. CEO George Oliver didn’t elaborate on what role AI might play in the company’s future, other than mentioning it as a potentially useful tool when asked about the decline in orders last month. didn’t say
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Shares are up 2.2% from January.
“…AI allows us to scale our services no matter what the circumstances. [economic] The cycle is what we end up going through,” Oliver told investors at the company’s earnings call on May 5.
As Wall Street heads into the second half of the year, hopes of artificial intelligence continue to drive stocks higher. For comparison, the tech-heavy Nasdaq Composite is up about 16% since January.
But while AI’s potential threatens to upend many industries and automate hundreds of millions of jobs, investors are still trying to figure out who’s the ultimate beneficiary and who’s going to ride the hype. will ultimately decide whether
