Artificial Intelligence and Its Future: Will It Create Billionaires?

AI could permeate practically everyone’s workflow and the whole economy, but this ubiquity may reduce its market worth.  Huge increases in wealth frequently follow significant technological advancements. The issue of who will profit and how much is therefore evident as the artificial intelligence (AI) revolution proceeds.

It may be deflationary for business owners but advantageous for consumers, and early adopters of artificial intelligence won’t become extraordinarily wealthy in comparison to how much the world will be changed by it. Every aspect of the economy is altered by truly profound developments. They can only achieve this by being freely or easily accessible in a variety of industries. AI will generate revenue, but it will be challenging to fully realize its potential.

Artificial Intelligence (AI) and Other Initiatives Through History: What’s the Difference?

The most wealthy social media entrepreneurs have amassed enormous fortunes, yet the early Internet pioneers did not. If you were confident that the Internet would be a big thing even in 1992, there was no simple method to profit from that knowledge. Just as early printing press pioneers like Gutenberg did not become the richest nobility in their day.

And that brings up another obvious question: Are the current iterations of AI more like the Internet and the printing press or more like social media? Take the Big Language Models, for instance, which are implemented in services like ChatGPT. They appear to be somewhere in between, according to the data so far.

Artificial Intelligence (AI) and Other Initiatives Through History: What’s the Difference?

AI does not Seem Like it will Bring Fortunes to Individuals

Network effects are advantageous for social media. You can connect with your friends and family; thus, a large and well-known social networking site will have a significant competitive advantage. This advantage does not appear to exist for big AI businesses. Even if you use Claude from Anthropic or use OpenAI‘s ChatGPT, you can still readily converse with another through other channels. Even the idea of text links connecting two services via a third-party middleman is conceivable.

All of this is not evidence that AI will become obsolete. Instead, AI services will permeate the whole economy and become a part of practically everyone’s workflow. Everyone will be wealthier, but mostly the users of the thing—the employees and the customers. The fundamental concepts underlying AI will proliferate and be copied, which will result in intense rivalry for the leading AI firms of the future, reducing their revenues.

In fact, from a market standpoint, AI‘s ubiquity may diminish its worth. The AI boom has probably not yet reached its zenith, but the fervor of speculation is practically tangible.

Keep reading: Cardano Update: Brace Yourself for Today’s Potential Hardfork – All You Need to Know!

Armaan Khatri

I'm Armaan Khatri, a financial writer, editor, and market analyst. A former VP and market risk advisor worken in India at Citizens Financial Group. Have more than 15 years of financial services experience that also includes personal finance, personal banking, IRAs, and retirement services.

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