A race is underway among the world’s largest corporations for dominance in artificial intelligence and, so far, investors are along for the ride. Leading artificial intelligence (AI) chip maker NVIDIA
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is now the world’s second largest company by market capitalization. OpenAI, the Microsoft-backed leader in AI models, raised $6.6 billion in last month’s investment round, one of the largest private investments in history. Amazon and Google are among the cloud service providers that have joined Microsoft in making large-scale investments in this technology.
This investment frenzy rests on the thesis that AI will soon unleash productivity gains across the economy. With its enormous data processing capabilities, AI will inevitably transform life and work in our information-driven economy. Because we are just beginning to comprehend…
