The boost AI has given to the US stock market since the launch of ChatGPT has been so strong that the S&P 500 would currently be closer to 5,000 without it. It’s therefore hardly surprising that investors are preoccupied with whether the gains racked up by titans in the sectors at the heart of this transformative technology can be sustained. But while this week’s earnings release from the largest such firm by market capitalisation (MC), Nvidia, will help to inform that judgement, there is a separate question of whether and when AI will benefit the rest of the stock market.
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