Wall Street continues to tout the best artificial intelligence stocks amid the ChatGPT AI phenomenon with Barclays now pointing to familiar internet companies as well as the likes of Nvidia, Arista Networks and GitLabs.
Barclay's top AI stocks also include Meta Platforms, China's Baidu, Sprout Social, Sprinklr, Telus International, Iron Mountain and Seagate Technology.
"The first thing investors should assess when looking at an innovation like generative AI is whether this is a platform change or just an accelerator of existing surfaces," Barclays analyst Ross Sandler said in a note to clients. "We think it's the latter: a new tech stack that makes desktop and mobile apps better, and should drive up engagement for many companies as their services improve."
Chipmaker Nvidia and Arista Networks also were on Bank of America's top AI stocks report. GTLB stock soared more than 16% Thursday on the software maker's new price hikes.
Best Software AI Stocks
NVDA stock belongs to the IBD Leaderboard. Meanwhile, ANET stock belongs to the IBD 50 roster of growth stocks.
Microsoft recently increased its stake in startup OpenAI. It aims to take on Google-parent Alphabet in internet search.
"Aside from MSFT, given the increased efficiencies and application usage that AI drives, we believe front office software has the most to gain as generative AI and LLMs (large language models) have the greatest direct impact on the end user in these applications," said another Barclays' analyst, Raimo Lenschow, in the report. "We highlight SPT and CXM benefiting from tailwinds surrounding the greater content creation that generative AI will lead to."
Along with boosting AI stocks, ChatGPT is only one of many "generative AI" technologies that could roil a host of industries. These technologies create text, images, video and computer programming code on their own.
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