AI Stocks Prevented S&P 500 Being in the Red: SocGen Analyst

A visitor watches an AI (Artificial Intelligence) sign on an animated screen at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona. Josep Lago/AFP via Getty Images

The hype over artificial intelligence has resulted in a positive performance in the U.S. stock market this year, says a Societe Generale analyst.

“The AI boom and hype is strong,” London-based Manish Kabra, a strategist at the financial services company, said in a note on Friday, according to Bloomberg. “So strong that without the AI-popular stocks, S&P 500 would be down 2 percent this year.” The S&P 500 is up by 7.84 percent year-to-date as of May 12. Stocks of major tech firms involved in AI technologies have rallied this year.