💰 A.I. Can Add $4.4 Trillion To Global Economy

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Here’s what we got for you today:

• 💰 A.I. Can Add $4.4 Trillion To Global Economy

• 🇪🇺 E.U. A.I. Act Approved by Parliament

• 🤝 Accenture to Invest $3 Billion in A.I.

• 🤖 Boston Consulting Group A.I. Survey Results

• 🖼️  A.I. Generated Image of the Day

• ⚡️ A.I. Meme of the Day

A.I. Can Add $4.4 Trillion To Global Economy

Generative artificial intelligence (AI) has the potential to contribute up to $4.4 trillion annually to the global economy, according to a report by McKinsey Global Institute. Generative AI, including chatbots like ChatGPT, can automate tasks and save workers 60 to 70 percent of their time, boosting productivity. The report predicts that half of all work could be automated between 2030 and 2060.

However, the report does not consider other risks associated with generative AI, such as misinformation. Despite some challenges, generative AI has the potential to significantly impact various industries in the next five to ten years.

For the full version of this report, download the PDF.

E.U. A.I. Act Approved by Parliament

The European Union (EU) has taken a major step toward passing regulations on artificial intelligence (AI) with the approval of the EU AI Act. The legislation aims to protect consumers from potential risks of AI, such as surveillance, discrimination, and misinformation. It introduces bans on unacceptable AI applications and restrictions on high-risk technologies. The EU's progress in AI regulation surpasses that of the United States, positioning it as a global leader in tech regulation.

The EU's actions are likely to influence policymakers worldwide and encourage standardized practices. Companies like OpenAI may consider withdrawing from Europe due to the legislation's impact. The EU and the US are increasingly aligned in recognizing the need for AI regulation. The EU AI Act is expected to come into force in the next few years, requiring ongoing adaptation as AI continues to evolve.

Accenture to Invest $3 Billion in A.I.

Accenture has announced a $3 billion investment over three years in its Data & AI practice to help clients leverage AI for growth, efficiency, and resilience. The investment will enable companies across 19 industries to accelerate their AI adoption and drive value responsibly. Accenture aims to double its AI talent to 80,000 professionals through hiring, acquisitions, and training. They are launching the AI Navigator for Enterprise platform, which uses generative AI to guide clients in defining business cases, making decisions, and navigating AI journeys.

Accenture will also create industry-specific accelerators and pre-built models that leverage generative AI capabilities. Their Center for Advanced AI will focus on maximizing the value of generative AI through research, development, and innovative service delivery. The investment reinforces Accenture's commitment to responsible AI practices and strengthens its position as a leader in AI solutions.

Similarly, PwC US announced $1 billion investment to expand and scale AI capabilities back in April 2023.

Boston Consulting Group A.I. Survey Results

A survey of nearly 13,000 people in 18 countries reveals that respondents are more optimistic than concerned about AI, but there are significant differences in perceptions between leaders and frontline employees. Leaders and regular users of generative AI are more optimistic, recognizing the technology's transformative potential.

However, frontline employees have lower optimism levels and receive less AI training compared to leaders. The survey also highlights the rise in AI usage, with 50% of respondents stating their company uses AI. Despite optimism, 36% believe their job may be eliminated within ten years.

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100% A.I. Generated Image of the Day

Midjourney Prompt - Full body, Shrek as a Balenciaga model --ar 6:4

A.I. Meme of the Day

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