Artificial intelligence (AI) is the hot trend on the market today. While there is certainly some hype associated with it, AI looks to have some staying power and is poised to have a real effect on the economy. People and companies are using AI to use and create all kinds of transformative applications. Photo imaging that’s never been done before and data analysis at unheard-of speeds are just two examples.
Businesses are harnessing AI’s power to run better and faster, and many of them are disrupting the status quo and capturing market share. Some of these companies are established winners who are using their robust assets to lead the charge, and others are small innovators disrupting the norm in niche segments of the economy.
Let’s look at an example from each category — Amazon (NASDAQ: AMZN) and Lemonade (NYSE: LMND) — and see why each could help you build a millionaire-maker portfolio.
1. Amazon: Leading with generative AI
Amazon has a long history of investing heavily in AI and is now turning its attention and resources to incorporating and expanding generative AI. It uses AI throughout its many businesses, but its most exciting opportunities for AI involve Amazon Web Services (AWS), its cloud-computing segment.
People who know Amazon predominantly as an e-commerce giant may not realize that it is also the leading cloud computing company globally. It’s a $100 billion run-rate business and has 31% of the global market. Amazon has developed a competitive set of generative AI tools for AWS users that simplify access and create incredible opportunities. It has an assortment of services in three tiers to meet different needs.
The foundational layer is for developers to build their own large language models (LLMs), which are the key basis for generative AI. These are models that have been trained on so much data that they can begin to create, or generate, without intervention. That’s what OpenAI’s ChatGPT is known for, and this is where Nvidia‘s chips come in. They’re powerful enough to handle the necessary data load to make this work, and it’s one of the main…
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