Goldman Sachs is one of the largest investment banking firms in the world. One of the economists from Goldman Sachs stated that the AI industry would soon surpass electricity and PCs. This will bring a huge change to the American Economy.
Joseph Briggs and Devesh Kodnani, both economists from Goldman Sachs, believe that AI could attract $200 billion in global investment by 2025. They also mentioned that this will have a great impact on the US economy.
Economists stated that electricity and PCs saw a growth of 2% in GDP, and AI is estimated to grow by 4% in the GDP of the US. They also mentioned other countries can grow by almost 2.5% if they invest a huge amount in AI tech today.
Goldman believes that generative AI can give huge returns, and there are rapid developments in this sector. Text-to-speech, chatbots, and image-generation AI tools are some of them that are praised by a lot of users.
These tools need heavy investments for huge growth in this field. Businesses will need to invest more, which will yield up to 100x returns within a short time.
Goldman said that considering the earnings, the US has seen a huge growth in this AI sector. They also said that America is always ahead in innovation and could be a dominant player.
According to economists, the investment cycle can’t be predicted, but they believe that after 2025 there will be major achievements in the AI sector.