Every emerging sector has its picks-and-shovels stocks that represent the crucial tools and equipment necessary to take advantage of opportunities. Gold prospectors required picks and shovels during the California gold rush of 1848. That’s the genesis of the phrase and provides a great framework, whereby catering to emerging opportunities is a valid business model itself.
AI stocks have become today’s gold rush and are creating similar AI picks-and-shovels opportunities for supporting firms right now. These firms are helping leading names like Nvidia (NASDAQ:NVDA) and others to revolutionize our world through artificial intelligence (AI).
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