Bank of America says artificial intelligence is entering its 'iPhone moment', adding $15.7 trillion to the world economy over the next seven years

In a note to clients on Tuesday, Bank of America strategists said, Four reasons why AI is about to change the landscape are listed: democratization of data, unprecedented mass adoption, “rapid” technology development, and abundant business uses.

The summary of the IT House Translation Report is as follows: "We are at a decisive moment, just like the Internet in the 1990s, just like the mobile phone revolution brought by the iPhone, artificial intelligence (AI) is moving towards the big... Scale adoption is heading our way, and large language models like ChatGPT are driving the data revolution."

Bank of America believes that the global artificial intelligence market, including software, hardware and services, will reach $900 billion by 2026. Artificial intelligence’s ability to harness data could ultimately enable world economic growth to reach $15.7 trillion by 2030.

Bank of America said: “ChatGPT reached 1 million users in just 5 days, with cumulative visits reaching 1 billion times in 3 months. The adoption rate is 3 times that of TikTok and 10 times that of Instagram. This This technology is developing exponentially."

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