Artificial intelligence is on the brink of an 'iPhone moment' and can boost the world economy by $15.7 trillion in 7 years, Bank of America says

Artificial intelligence is about to have its "iPhone moment" and could revolutionize everything, according to Bank of America. In a Tuesday note to clients, BofA strategists listed four reasons why AI is about to change the landscape: democratization of data, unprecedented mass adoption, "warp-speed" technological development, and abundant commercial uses. "We are at a defining moment - like the internet in the '90s - where Artificial Intelligence (AI) is moving towards mass adoption, with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution," they said. Up until recently, AI could read and write but couldn't understand content, BofA said. Tools like ChatGPT have changed that, however, and its ability to understand natural language has opened the door to huge upside.