Ever since the debut of ChatGPT in November 2022, artificial intelligence (AI) has been widely hyped as a transformative technology. A new era of AI-powered business tools is expected to deliver significant gains in productivity, efficiency, and profits. All that is good news for investors. But what if it doesn't work? On Saturday, Apollo economist Torsten Slok made waves with a rather bearish analysis of AI's future. Slok's research found that despite hundreds of billions of dollars invested in AI data centers to develop leading-edge AI models, "there are still no signs of AI boosting productivity growth."
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