Authored by James Rickards via DailyReckoning.com,

ChatGPT and artificial intelligence (AI) are all the rage right now.

In fact, AI and GPT together are almost the only drivers of positive stock market performance today.

A small group of companies with advanced capabilities in AI/GPT (Microsoft, NVIDIA, Google, Apple, and a few others) are rallying sharply on the profit and productivity potential offered by the new technology.

If the AI/GPT plays were removed from stock market indices, the remainder of the stocks would be down on a year-to-date basis. Whether this performance is a bubble or a genuine leap based on fundamentals remains to be seen.

History is filled with investing fads that fizzle out.