The Tech Industry Was Deflating
Then came ChatGPT
A year ago, the mood in Silicon Valley was dour. Big Tech stocks were falling, the cryptocurrency bubble had popped, and a wave of layoffs was beginning to sweep through the industry.
Then the artificial intelligence boom hit.
Since then, venture capitalists have been throwing money at AI start-ups, investing over $11 billion in May alone, according to data firm PitchBook, an increase of 86 percent over the same month last year. Companies from Moderna to Heinz have mentioned AI initiatives on recent earnings calls. And last week, AI chipmaker Nvidia became one of only a handful of companies in the world to hit $1 trillion in value.
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