2023 has been a strong year for US markets so far, with the S&P 500 (INDEX: .INX) up 17%. This has led tech giants like Apple company (NASDAQ: APPL), up 43.06% year-to-date Meta Platforms Inc(NASDAQ:FB) up over 143% year-to-date.
But a few stocks have done that, too NVIDIA Corporation (NASDAQ: NVDA), up a whopping 202.4% year-to-date. NVIDIA’s success, and the success of a lot of technology, has come from its involvement in artificial intelligence. The company produces “ultra-fast chips” that underlie this technology.
The excitement surrounding artificial intelligence is palpable. The popularity of Chat GPT and other LLMs – Large Language Paradigms – has created what many consider a “hype cycle” for AI. Any mention of artificial intelligence by a publicly traded company seems to be enough to create an appreciable rise in its share price.
But CNBC’s Jim Cramer thinks otherwise. The “Mad Money” host stated on his show that “I know there’s a lot of hype here, and in some individual cases it’s overdone, but anyone who tells you that AI is just propaganda is just kidding themselves.”
It remains to be seen if the hype is real, but AI and AI related technology remains a physical part of the current economy. For investors looking to gain exposure, ETFs can be an attractive option, showcasing a range of companies directly and indirectly involved in the AI industry.
Here are the best performing AI-related ETFs since January 1 of this year.
Direxion Daily Robotics, Artificial Intelligence, and Automation Bull Index 2X (NYSEARCA: UBOT)
Spear Alpha ETF (NASDAQ: SPRX)
iShares US Technology ETF (NYSEARCA: IYW)
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This article Jim Cramer Thinks People Who Say AI Is Hype Are ‘Just Fooling Themselves’ – 3 ETFs To Capitalize On The AI Revolution appeared in the original Benzinga.com
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