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What happened to the artificial-intelligence revolution?
So far the technology has had almost no economic impact
The five big tech firms—Alphabet, Amazon, Apple, Meta and Microsoft, all of which have either headquarters or outposts nearby—are investing vast sums.This year they are budgeting an estimated $400bn for capital expenditures, mostly on AI-related hardware, and for research and development. Investors have added more than $2trn to the market value of the five big tech firms in the past year—in effect projecting an extra $300bn-400bn in annual revenues according to our rough estimates, about the same as another Apple’s worth of sales. This article appeared in the Finance & economics section of the print edition under the headline “A sequence of zeroes”
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