Since the iPhone changed the world, many products that promised to be the next big thing flopped. Bank of America is betting that artificial intelligence will be an exception. In fact, the firm has cited an estimate from PwC that AI's economic impact could be $15.7 trillion by 2030.
Although Bank of America's point about AI being transformational is clear, its iPhone-AI analogy is imperfect. Apple's smartphone was the avenue by which billions of users easily accessed the internet via mobile devices, but the iPhone wasn't that exciting new world itself.that's pushed AI into the mainstream, similar to how the iPhone brought smartphones to the masses. And like smartphones existed prior to the iPhone, AI predates ChatGPT by many years.
ChatGPT and other large language model chatbots have brought data and information to the masses, regardless of their training or experience, Israel wrote. While all the implications of this development are unclear, empowering people through data should boost productivity. AI is developing at a mind-bending rate, as the computing power needed to train its datasets has doubled every three months in the past decade while the number of parameters for LLMs has grown 1,900-fold in the past decade, according to Bank of America. At that rate, AI could be a million times more powerful than ChatGPT is now in the next 10 years, Israel wrote.However, AI isn't without its share of critics, who have concerns from financial, environmental, and ethical perspectives.