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Since OpenAI released its groundbreaking large language model (LLM) platform in late 2022, companies heavily involved in artificial intelligence (AI) have experienced a veritable renaissance.
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According to Finbold research, the 10 largest AI companies have seen their market capitalization skyrocket by $5.4 trillion in just over a year and a half and are now cumulatively worth $10.314 trillion.
Though Nvidia (NASDAQ: NVDA) has arguably been a star of the boom and has grown by nearly $2.5 trillion, it is far from the only winner.
For example, Microsoft’s (NASDAQ: MSFT) involvement with OpenAI enabled the firm to finally overtake Apple (NASDAQ: AAPL) in early 2024 and become the world’s biggest company.
Others, such as Meta Platforms (NASDAQ: META) and IBM (NYSE: IBM), were also major beneficiaries.
The data, however, also shows a significant concentration of gains, with Nvidia accounting for nearly 50% of all inflows and the 3 biggest companies making up 78.64% of the Big 10’s total market share.
AI is still not a silver bullet
Despite the staggering success of firms like Nvidia and Microsoft, mere involvement with artificial intelligence technology has also proven not to be a silver bullet for wider business woes.
Few examples of this are as stark as Elon Musk’s Tesla (NASDAQ: TSLA), which, despite promising to use AI to develop fully autonomous vehicles, has seen its market cap decline nearly $50 billion since ChatGPT’s release.
As Justinas Baltrusaitis, a co-author of the research, pointed out:
“However, Finbold’s analysis shows that AI is not a guaranteed path to growth, as evidenced by the mixed performance of different firms in the sector. Though some – Nvidia most prominently but others, such as Meta and Palantir (NASDAQ: PLTR) – have found their stocks driven to great highs thanks to their involvement with the technology, some have declined despite their best efforts.”
Ultimately, despite the initial successes of the industry, the true impact of AI technology on business and the stock market is yet to be seen as the industry matures.
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