”Since the launch of ChatGPT captured the attention of companies, governments and consumers alike, artificial intelligence has become a dominant focus for investors and economists. Over the long term, AI could potentially drive significant productivity gains. In the near term, it’s driven a massive capital investment boom and has propelled the leading U.S. tech companies to new market capitalization heights. Nearly half of S&P 500 companies are mentioning artificial intelligence (AI) in their earnings calls – more than double from a year earlier – reflecting a broader focus on business adoption underway. Compared to recent technological excitements like cryptocurrencies and driverless cars, AI may deserve the enthusiasm. This paper addresses the significant potential implications of AI, especially generative AI, for the economy, workers and financial markets. What makes generative AI so transformative?”
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Morten W. Langer
