Bank of America says artificial intelligence is entering a "iPhone moment", bringing $15.7 trillion in growth to the world economy over the next seven years

CTOnews.com, March 2 (Xinhua)-- Bank of America strategic analysts predict that artificial intelligence is entering a "iPhone moment" and is expected to bring $15.7 trillion (CTOnews.com Note: about 107.86 trillion yuan) to the global economy by 2030.

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In a report to clients on Tuesday, Bank of America strategists listed four reasons why AI is about to change: democratization of data, unprecedented large-scale adoption, "rapid" technological development and rich business uses.

The summary of the CTOnews.com translation report reads as follows: "We are at a decisive moment, just like the Internet in the 1990s, like the mobile phone revolution brought about by iPhone, artificial intelligence (AI) is moving towards large-scale adoption, and large language models like ChatGPT are driving the data revolution."

Bank of America believes that the global artificial intelligence market, including software, hardware and services, will reach $900 billion by 2026. By 2030, the ability of artificial intelligence to use data will eventually lead to world economic growth of $15.7 trillion.

Bank of America said: "ChatGPT has 1 million users in just five days, with a cumulative total of 1 billion visits in three months, three times the adoption rate of TikTok and 10 times that of Instagram. The technology is growing exponentially."