Given the continued enthusiasm of investors for artificial intelligence (AI), Caroline P ö tsch Hennig, head of private banking at JPMorgan Chase in Germany, stated that investors should not only focus on chip manufacturers or cloud computing providers driving the creation of new AI models, but also on adopters of new technologies.

In recent months, with the increasing enthusiasm of investors for AI technology, some of the most obvious beneficiaries such as NVIDIA have seen their stock prices soar. In addition, server manufacturer AMD has also become the best performing company in the S&P 500 index this year.

However, more and more investors are now looking for other ways to bet on the potential of AI. For example, JPMorgan Chase previously pointed out that some trading clients are flocking to the commodity market, expecting the infrastructure required for the technology to increase demand for energy and equipment.

This trend reminds people of the early days of steam engines, when the beneficiaries of technology were not limited to inventors and manufacturers, but factories, railway, and ship operators also used steam technology to power their businesses and machinery. The development of electricity, telephone, computer and Internet also shows a similar pattern. The return on each innovation ultimately flows from creators and business implementers to the end users of the technology.

In the current AI boom, investors should be aware that although chip manufacturers and cloud computing providers are undoubtedly the driving forces of technological progress, companies that can effectively adopt and apply AI technology will also benefit greatly from it. These companies may come from various industries, including financial services, healthcare, manufacturing, and retail. Therefore, when investors pay attention to the AI market, they should comprehensively consider the entire technology ecosystem, including the creators, implementers, and ultimate adopters of technology.

In the era of artificial intelligence, it is evident that the drivers are companies focused on building software models (including OpenAI and Alphabet), as well as design and manufacturer of data center hardware (such as Nvidia, AMD, TSMC), and cloud computing giants operating infrastructure (such as Amazon, Oracle, and Microsoft). The success of these promoters is already evident.

The fate of these promoters is closely linked to their customers - adopters. Therefore, Wall Street expects that the benefits of artificial intelligence will ultimately benefit adopters. A survey conducted by Morgan Stanley to the Chief Investment Officer at the end of last year found that most people expect to launch their first artificial intelligence project in the second half of 2024.

Mirjam Staub Bisang, head of business at BlackRock Switzerland, said, "You need to focus on companies that have balance sheets and cash to support technological innovation. Investing like this now will yield returns for the next few years."

Edward Stanley, Director of European Studies at Morgan Stanley, previously stated that the company's stock price will not change overnight, but companies showcasing the progress of AI projects will gradually gain investor recognition, thereby achieving higher P/E ratios.