'AI Is The New Electricity': Bank Of America Picks 20 Stocks To Cash In On ChatGPT Hype

Bank of America strategists identified 20 stocks poised to benefit from the intense enthusiasm surrounding artificial technology, as a host of companies scramble to capitalize on ChatGPT's viral moment. Bank of America identified 20 stocks poised to cash in on the AI craze. Microsoft, partial owner of ChatGPT parent OpenAI, unsurprisingly headlined the picks outlined in the Tuesday note to clients, as the bank lauded the tech giant's "recent success with AI-driven offerings" and the upside the technology brings for its Bing search engine; the analysts set a $300 price target for the company's stock, indicating 20% upside. The strategists, led by Eric Lopez, also recommend buying Google-parent Alphabet, Facebook-parent Meta and Chinese Baidu, Microsoft and OpenAI's most direct competitors in the generative technology space, after each announced expansions to their respective units in recent weeks. Analysts identified American technology giants Adobe, Arista Networks, Nvidia, Palantir, and Shutterstock as firms who provide essential technology for artificial intelligence or who already use the technology in different end cases.