In the latest in our megatrends podcast series, we look at artificial intelligence. This is a key part of Evelyn Partners technological revolution megatrend, and may present significant opportunities, but also comes with risks. The rapid adoption of Chat GPT has generated enthusiasm about the potential uses for AI. There are hopes that new AI technologies may galvanise productivity and deliver stronger economic growth.
Listen to the podcast now
When ChatGPT was launched by OpenAI in November 2022, it was expected to be a small-scale experiment that would help build better AI systems. In just five days ChatGPT had been used by a million people. For comparison, it took Netflix around three and a half years to reach this level.
This has helped demonstrate the potential of artificial intelligence technologies. Many economists are forecasting that AI will have a transformative impact on the global economy – in particular, on productivity and the labour market. It is even being suggested as a solution to some of the world’s largest problems – from climate change to demographics.
However, there are downsides. There are concerns over its impact on jobs. A recent academic paper found that highly-educated, highly-paid, white-collar occupations may be most exposed to generative AI. We give a 360-degree view of the risks and opportunities inherent in the development of AI, and ask whether it is an investment opportunity.
The value of an investment may go down as well as up and you may get back less than you originally invested.
Past performance is not a guide to future performance.