AI gave tech giants a $2.4 trillion boost to their market caps in 2023

▤ Summary

Nvidias high-performance chips power many advanced generative AI models, which produce new content from huge volumes of training data. Companies saw $1.6 trillion wiped off their value as investors rotated out of high-growth tech stocks, according to Accel. The world has been abuzz with talk about generative AI tools like OpenAIs ChatGPT, Googles Bard and Anthropics Claude. "Generative AI is something that is really redefining software," Philippe Botteri, partner at Accel, told CNBC on a call Friday. One deal that faced a lot of pressure from regulators was Microsofts blockbuster bid to acquire Activision Blizzard, the massive video game studio behind hit titles "Call of Duty," "Candy Crush" and "Crash Bandicoot."

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