Google-parent Alphabet, Adobe and Nvidia led the way this week in artificial intelligence-related news for AI stocks. But perhaps the biggest development involved former President Donald Trump and fabricated images of him being arrested by New York City police.
The growing use of artificial intelligence for fake news on social media has been an overhang on AI stocks. The images depicting Trump's arrest were created using artificial intelligence software.
The Manhattan district attorney's office has been probing a hush-money payment to a porn star, Stormy Daniels. Trump allegedly paid Daniels to suppress her story of an affair during the 2016 presidential election cycle.
The former president has denied Daniels' allegations. But there's speculation Trump could be indicted for alleged falsification of business records.
AI Stocks: Nvidia, Adobe Announcements
Meanwhile, Accenture reported earnings that topped expectations. Prior to the earnings report, Accenture continued its acquisitions of AI companies by purchasing India-based Flutura.
In other developments for AI stocks, Google on March 21 made its Bard chatbot available in the U.S. and UK. It competes with OpenAI's ChatGPT. Both ChatGPT and Bard are a form of content-creating, generative artificial intelligence.
Meanwhile, digital media and marketing software firm Adobe unveiled generative artificial intelligence products and services for creative professionals and marketers.
Also Nvidia at its GTC conference announced new products targeting the artificial intelligence market. They included new graphics processing units, data center hardware, AI software models and AI as a service.
In a note to clients, economist Ed Yardeni expected no letup in the buzz surrounding AI stocks.
Next Big Bubble?
"The announcements have come fast and furiously," Yardeni wrote. "Anyone who has anything to do with AI is broadcasting it to the world loudly. Chip manufacturers, software providers, social media companies, and the average Joe all are talking about how they're harnessing the power of AI to work faster and smarter."
He went on to say: "This week's news has been dominated by Nvidia's impressive AI offerings unveiled at its software developer conference. Also, Google's rollout of Bard. Dare we suggest that it feels like the beginning of what will become the next big bubble?"
On AI stocks, Yardeni added: "This week has also brought the latest AI fake: A picture of former president Donald Trump resisting police arrest. (It's) an event that has not occurred but seems plausible. A grand jury is considering whether to indict Trump over alleged hush-money payments to Stormy Daniels during the 2016 presidential campaign."
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
