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.
Explore more
This article appeared in the Finance & economics section of the print edition under the headline “A sequence of zeroes”
Finance & economics July 6th 2024
From the July 6th 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Finance & economics
The stockmarket rout may not be over
As investors pause for breath, we assess what could turn a correction into a crash
Why Japanese stocks are on a rollercoaster ride
Volatility in global markets continues
Why Japanese markets have plummeted
The global rout continues, with the Topix experiencing its worst day since 1987
Swing-state economies are doing just fine
They would be doing even better if the Biden-Harris administration had been more cynical
Can Kamala Harris win on the economy?
A visit to a crucial swing state reveals the problems she will face
Why fear is sweeping markets everywhere
American and Japanese indices have taken a battering. So have banks and gold