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Artificial intelligence (AI) is emerging as the next frontier in the field of technology. With its potential to revolutionize various industries and create new avenues for economic growth, AI is attracting significant attention and investment from businesses and economies worldwide. Goldman Sachs’ latest report examines the economic impact of AI and compares its potential effects on the US Gross Domestic Product (GDP) to historical milestones such as the discovery of electricity and the emergence of personal computers. The report provides an in-depth analysis of the investment scale required to adopt AI technologies and the potential benefits, particularly in terms of productivity.
“Artificial Intelligence is Becoming an Economic Force”
According to a new report by Goldman Sachs, one of the world’s largest investment banks, artificial intelligence is becoming a significant economic force. Investments in AI are rapidly increasing, and they may have a greater impact on the US GDP than historical technological developments such as the discovery of electricity or the use of personal computers.
Goldman Sachs economists Joseph Briggs and Devesh Kodnani believe that productive artificial intelligence, a subset of AI that can generate new data and content, has tremendous economic potential. They predict that widespread implementation of this technology could increase global labor productivity by over 1% per year over the next decade.
According to the report, the transition to AI by businesses will require significant initial investment. This investment includes not only financial resources but also acquiring and implementing new technologies and redesigning business processes. Global spending on AI is projected to reach approximately $200 billion by 2025. This investment will likely precede the productivity gains that AI will eventually bring.
Money Will Flow into AI Technology
According to the banking giant, long-term investment in artificial intelligence could account for 2.5% to 4% of the US GDP and 1.5% to 2.5% of the GDP in other leading AI countries. Despite this significant growth, the short-term impact on GDP may be modest considering that current AI-related investments represent only a small fraction of the US and global GDP.
Although investments have primarily focused on model development so far, scaling productive AI requires a much larger hardware and software effort. Goldman Sachs’ report predicts that as adoption increases and the technology begins to deliver significant productivity gains, AI will start to have a notable impact on the US economy between 2025 and 2030.
The developments in the AI sector during the first half of the year have driven upward movement in AI altcoins, resulting in significant increases. Goldman Sachs’ latest report suggests that there may be speculative attacks in the AI altcoin market, especially in productive AI altcoins, in the medium to long term.
