Bloomberg has analyzed the impact of artificial intelligence—particularly the launch of ChatGPT—on stock markets over the past three years. Since November 2022, the wave of investment driven by AI, despite forecasts of market risks, has led to a 64% rise in the S&P 500 index, which includes the largest U.S. companies. The main driving forces behind this surge have been Nvidia, Microsoft, Apple, Google, Amazon, Meta, and Broadcom. These seven tech giants have accounted for nearly half of the total market growth, increasing their combined weight in the index from 20% to 35%.
Nvidia, fueled by massive demand for its chips, has seen its stock price grow by 979% in three years, with its market capitalization surpassing $5 trillion. Analysts predict the company’s revenues will reach $200 billion in 2025. Interestingly, the energy sector has also benefited from this trend. As data centers powering AI models require enormous amounts of electricity, shares of Vistra Corp have surged by 620%, while other energy companies have risen by more than 250%.
On the other hand, investors have begun withdrawing capital from industries expected to struggle with competition due to AI adoption. This negative trend is particularly visible in software, education, and human resources. For example, customer support provider LivePerson and online education platform Chegg have lost 97% of their value. Meanwhile, staffing firms such as ManpowerGroup and Robert Half have seen their shares drop by more than 65%, driven by expectations that hiring processes will be increasingly automated.
