What happened to the artificial-intelligence revolution?
So far the technology has had almost no economic impact
Move to San Francisco and it is hard not to be swept up by mania over artificial intelligence (AI). Advertisements tell you how the tech will revolutionise your workplace. In bars people speculate about when the world will “get AGI”, or when machines will become more advanced than humans. The five big tech firms—Alphabet, Amazon, Apple, Meta and Microsoft, all of which have either headquarters or outposts nearby—are investing vast sums. This year they are budgeting an estimated $400bn for capital expenditures, mostly on AI-related hardware, and for research and development.
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Finance & economics July 6th 2024
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