So far the technology has had almost no economic impact
, Meta and Microsoft, all of which have either headquarters or outposts nearby—are investing vast sums.-related hardware, and for research and development.ai
to fulfil its potential, firms everywhere need to buy the technology, shape it to their needs and become more productive as a result. Investors have added more than $2trn to the market value of the five big tech firms in the past year—in effect projecting an extra $300bn-400bn in annual revenues according to our rough estimates, about the same as another Apple’s worth of sales. For now, though, the tech titans are miles from such results.
One problem is the rate of adoption. Reputable companies are putting out startling estimates of how many people are using generative. Close to two-thirds of respondents to a recent survey by McKinsey, a consultancy, say that their company is “regularly using” the tech, nearly twice as many as the year before. A report by Microsoft and LinkedIn, an online platform for professionals, finds that 75% of global “knowledge workers” use it.
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