Artificial intelligence is on the brink of an 'iPhone moment' and can boost the world economy by $15.7 trillion in 7 years, Bank of America says
Artificial intelligence is about to have its"iPhone moment" and could revolutionize everything, according to Bank of America.
"We are at a defining moment - like the internet in the '90s - where Artificial Intelligence is moving towards mass adoption, with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution," they said. Ultimately, AI's ability to capitalize on data could boost the world economy by up to $15.7 trillion by 2030, in the firm's view, and the global AI market — software, hardware, and services — could reach $900 billion by 2026. The bank also sees a great deal of commercial use cases for the technology.
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