AI's economic impact could be $15.7T by the end of the decade, BofA says
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Artificial intelligence will drive nearly $16T worth of economic impact around the world by 2030, investment firm Bank of America said on Wednesday. 
And while there have been several beneficiaries already, including Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOG) (NASDAQ:GOOGL), investment firm Bank of America believes it's likely to touch all facets of the global economy.
"Corporate AI implementation could boost S&P operating margins by 250bps, equivalent to ~$65bn in cost savings, over the next 5 years," a team of analysts from the investment firm, led by Alkesh Shah, wrote in an investor note. 
The analysts noted that ChatGPT reached 100M users in two months, faster than TikTok, owned by China's ByteDance (BDNCE), which did it in 9 months, or Instagram and Twitter, which reached the 100M user milestone in 2.5 and 5.4 years, respectively.
Currently, TikTok has over 1B monthly active users, Instagram has more than 2B monthly active users while X, formally known as Twitter, has over 528M monthly active users.
However, the next wave of AI is just starting, as the newest foundation models are seen as "immature" and applications are only just starting. As such, while companies have integrated AI into several processes over the past few decades, the change to efficiency and productivity that could result from the increase in investment in AI could "disrupt every sector over the next 5-10 years," the analysts explained.
The investment firm added that companies will integrate generative AI tools into processes over the next three to five years and help further efficiencies, while also boosting revenue. They'll do this either by separating themselves from competitors or tacking on "AI upgrade fees," akin to what Microsoft and Google have done with Copilot and Duet, respectively.
The analysts expect generative AI to impact "every sector globally" and result in "efficiencies and incremental revenue that indicates upside potential is unlikely to be fully priced in." 

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