We are pleased to present an illuminating discussion on the exciting world of artificial intelligence (AI) and how it’s shaking up our markets and economy. ChatGPT, launched by OpenAI in 2022, has taken off like a rocket, attracting 100 million users in just four months – quicker than Snapchat and Facebook reached that milestone. AI’s popularity is soaring, and many are wondering how it will impact our economy. Some experts say it might grow exponentially, not just step by step. While AI isn’t entirely new, it’s making a big splash now, and it will take some time to blend smoothly into our economy. Looking back at the dot-com boom in the late ’90s we see some similarities, and many expect AI to boost productivity and trigger a wave of tech start-ups. We are not predicting a boom-to-bust situation, but there’s potential for excitement.
The buzz around AI has spilled into the stock market, with tech companies at the forefront of the AI wave. NVIDIA (NVDA), a major semiconductor company known for its graphics processing units (GPUs) in generative AI, has seen impressive gains in 2023. But AI’s not just for tech – it’s shaking up various other industries too. Studies suggest about 80% of U.S. workers could see at least 10% of their tasks affected by AI, with jobs involving programming and writing skills most impacted. Even customer service is getting an AI makeover, making things smoother for businesses. Monitoring the adoption of generative AI in businesses is essential to understand its effect on earnings and profit margins. Embracing AI seems like a smart move, as companies like Microsoft (MSFT), Alphabet (GOOG), and Meta Platforms (META) have already started reaping the benefits. So, keeping an eye on AI’s growth can be a game changer for investments and financial planning.
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