Artificial Intelligence (AI) has the potential to significantly enhance the global economy, contributing between $2.6 trillion and $4.4 trillion annually. However, it is crucial to consider the careers, lives, and communities that may be disrupted by this technological advancement, particularly those already marginalized in the global digital economy, as highlighted in a presentation at the World Economic Forum’s annual meeting.
Robert F. Smith, founder and CEO of Vista Equity Partners, emphasized the urgency of addressing the existing digital divide. Despite the rapid expansion of internet access worldwide, over 2.5 billion people remain offline, preventing them from utilizing essential online services such as finance, education, and healthcare. In the United States alone, approximately 24 million individuals lack access to high-speed internet, which limits their ability to engage fully in the economy.
Instead of exacerbating economic disparities, AI could serve as a powerful tool for creating generational wealth if proactive measures are taken to mitigate biases related to race and gender in AI systems. The anticipated benefits of AI innovation and growth could lead to widespread prosperity.
Smith outlined three distinct waves of opportunity for capturing value from AI:
1. First Wave: Hardware vendors are currently reaping benefits from initial value creation.
2. Second Wave: Major tech companies like Microsoft, Google, and Oracle will gain from their capacity to provide extensive computing connectivity.
3. Third Wave: Enterprise software vendors that integrate AI solutions into their existing products will also benefit.
These verticals require focused efforts to ensure equitable development and deployment of generative AI technologies.
Smith concluded by noting that unlike previous technological revolutions, we have the advantage of foresight with AI’s evolution. As established companies and new startups scale their offerings, it is imperative to guarantee universal access to the internet, AI education, tools, and processing power.
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