The $1tn+ investment in AI by tech giants and others is indeed staggering, and the debate on its payoff is crucial. 🤔
MIT’s Daron Acemoglu and GS’ Jim Covello raise valid points about the limited immediate economic impact and the mismatch between AI’s design and complex problem-solving needs. 📉💸
However, the optimism from GS’ Joseph Briggs, Kash Rangan, and Eric Sheridan about AI’s long-term economic potential is encouraging. The notion of being in a “picks and shovels” phase resonates deeply—AI’s transformative applications might still be on the horizon. 🚀💼
Challenges like the chip shortage and potential power constraints are real hurdles, but they also present opportunities for innovation and growth in adjacent sectors. 🔋💻
Ultimately, whether AI delivers on its promise or rides the wave of prolonged hype, the journey of this technological evolution is as critical as the destination. 🌐✨
Goldman Sachs’ “Gen AI: Too Much Spend, Too Little Benefit?”
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