Interest in AI technology, more specifically, ChatGPT is skyrocketing.
But what is it exactly?
ChatGPT is an AI-powered chatbot created by OpenAi that can generate human-like responses to a wide set of prompts. In fact, it can be used to simulate conversation, translate languages, answer questions, write ads, emails, blog posts, even college papers. Reportedly, it can also write, comment, or markup code, too. Since being released, it’s already attracted about a million users in just days.
Even better, it could fuel upside for involved tech stocks, such as:
Microsoft (MSFT)
Microsoft wants to be the dominant force in AI.
And its $10 billion investment in ChatGPT developer OpenAI could be its way in. The move will allow Microsoft to deploy GPT-3, the service that the generative AI chatbot ChatGPT is based on, and other platforms across its various cloud-based services, says Yahoo Finance. In addition, Microsoft just released an OpenAI service on its Azure platform, which developers can now incorporate into their software designs.
Nvidia (NVDA)
“Nvidia dominates the market for graphics chips designed for complex computing tasks needed to power AI applications. The more people use ChatGPT, the more computing power its owner OpenAI requires to generate responses to the millions of queries received from lazy students with essay assignments or struggling songwriters,” says Bloomberg.
Analysts at Citigroup say ChatGPT could result in $3 billion to $11 billion in sales for NVDA in the next year. Bank of America also says NVDA is at the forefront of the companies that will benefit. And Wells Fargo says NVDA is positioned to take advantage of ChatGPT chip needs.
