Bank of America has a message for anyone who has grown skeptical of the AI boom: you are thinking too small.
In a report published Thursday, the bank’s research team made a typically sweeping claim for a Wall Street bank assessing the supposed artificial intelligence boom. It’s not like electricity or even the internet, the global economics team wrote. It is more powerful than both — and the productivity boom it will eventually deliver could be 10x larger than anything the economy is currently showing.
The problem is that the economy is currently showing 0.1%, “a small aggregate effect relative to all the excitement around AI,” the bank admitted. It’s a number so small that it barely registers against global growth of 3.5%.
Whether that argument holds is the most consequential open question in economics right now — and not everyone on Wall Street is buying it.
What 0.1% actually means
