The Vanguard S&P 500 ETF tracks the index's performance, which has as its components 500 of the largest public U.S. companies, including growth stocks and value stocks from every market sector. Like the benchmark index, the exchange-traded fund is now heavily weighted toward the technology sector, which includes an array of companies well-positioned to benefit from artificial intelligence.

Several of these are already major players in the AI economy. For instance, Amazon, Microsoft, and Alphabet's Google are the three largest public cloud infrastructure providers worldwide, and collectively account for more than 60% of cloud infrastructure spending. That leaves them well positioned to benefit as businesses seek processing power to support their AI systems.

Similarly, Nvidia is the market leader in data center accelerators and AI networking gear, and it has a durable competitive advantage thanks to its CUDA software platform. Broadcom is the leader in networking chips and application-specific integrated circuits (ASICs), two markets expected to grow quickly due to rising demand for AI infrastructure.

With a global labor shortage threatening to blunt business growth over the coming decade, technology companies could help alleviate the strain. Businesses have historically turned to innovative technologies to overcome productivity headwinds, and the result has typically been tremendous outperformance across the sector. AI fits the bill perfectly.