There’s intensifying competition between Google parent Alphabet and Microsoft to secure leadership in the next big driver of growth
Retail investors are piling into small-cap firms that employ artificial intelligence amid intensifying competition between tech titans Google parent Alphabet and Microsoft to secure leadership in the next big driver of growth.
“Small-cap firms have AI as a much larger part of their business than the larger ones,” said Matthew Tuttle, chief executive officer of Tuttle Capital Management on the reason behind retail investors’ focus on the smaller firms.shares about a week ago, but was looking to switch to the long side because “that’s where the action is.”
Shares of Microsoft, which backs ChatGPT parent OpenAI, gained 1.5% in premarket trading ahead of the AI launch later in the day. Microsoft is in a strong position in the AI race due to the combination of its close partnership with OpenAI and its Azure capabilities around compute and data, said Barclays analyst Raimo Lenschow.
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