Morning traffic outside Meta headquarters, in Mountain View, California, U.S. November 9, 2022.

Peter Dasilva | Reuters

As the second quarter begins, we’re taking stock of the AI trade. While returns in 2024 have been strong, we think there is still room to run. Two reasons are behind our conviction: artificial intelligence adoption remains in the early innings, and companies are still researching and figuring out the potential use cases of AI and how to make money on them.

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