As millennials and Gen Z-ers inherit an estimated $60 trillion in wealth in the coming decades, these are the brands they may be inclined to spend on.
Every company in the $1 trillion club is investing heavily in artificial intelligence (AI). Apple (NASDAQ: AAPL) touted several AI-powered features in its latest iOS update and new iPhone release. Amazon (NASDAQ: AMZN) is the leading cloud computing platform, and it just unveiled its new Trainium 2 chip design to enable developers to train their large language models while using less computing power.
The market for artificial-intelligence (AI) accelerators is dominated by Nvidia (NASDAQ: NVDA). The company reportedly sold half a million AI GPUs in the third quarter, with more than half of that total going to Microsoft and Meta Platforms. Nvidia's H100 GPUs are a hot commodity, with AI companies scrambling to secure enough accelerators to tap into soaring demand for AI services.