Goldman Sachs · New York · U.S. · Fortune Technology
Similarly, Goldman Sachs found “no meaningful relationship between AI and productivity at the economy-wide level” in March
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The arithmetic behind the 0.1% is straightforward.
Key facts
- Similarly, Goldman Sachs found “no meaningful relationship between AI and productivity at the economy-wide level” in March, while simultaneously reporting a median 30% productivity boost in the two
- AI can currently transform about 20% of all workplace tasks
- The sharpest evidence that nobody knows anything, sharper even than the 0.1% figure, comes from Mollick’s observation about the AI companies themselves
- Only 23% of those tasks are cost-effective to automate at today’s prices
Summary
There are two phrases that have reliably marked every great financial bubble in modern history. The first is “this time is different” published in the same report that called AI bigger than electricity and the internet combined. Similarly, Goldman Sachs found “no meaningful relationship between AI and productivity at the economy-wide level” in March, while simultaneously reporting a median 30% productivity boost in the two sectors, customer support and software, where AI has concentrated most. Only 23% of those tasks are cost-effective to automate at today’s prices. This is BofA’s own math, used to build its own bull case.