Information technology companies have been on a tear all year. The Technology Select Sector SPDR Fund (NYSEARCA:XLK) is the benchmark fund representing U.S. tech companies. In the last year, the fund has risen by 53%.This is one illustration of how tech companies have been one of the hottest industries in the recent market, so it’s no wonder tech stocks are catching investor interest.
This massive surge of returns in the technology industry is primarily due to the generative artificial intelligence (AI) boom. Companies that manufacture semiconductors, operate cloud-based platforms, and provide cyber security capabilities and data center products have particularly experienced the positive effects of the boom.
Here, I discuss three tech companies that are outpacing a growing industry. Specifically, these companies have seen massive returns due to the AI boom along with a bright future for investors looking for companies in the tech sector.
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