economic impact

In the world’s tech capital it is taken as read that AI will transform the global economy. But for AI to fulfil its potential, firms everywhere need to buy big tech’s AI, shape it to their needs and become more productive as a result. Investors have added $2trn to the market value of the five big tech firms in the past year—in effect projecting an additional $300bn-400bn in annual revenues according to our rough estimates, about the same as another Apple’s worth of annual sales. For now, though, the tech titans are miles from such results. Even bullish analysts think…