The arrival of the internet unleashed a wave of creativity as users found new ways to make and mix culture, but it also delivered an economic blow to authors, musicians, and news outlets. Much of the revenue that had once flowed to content producers got gobbled by tech platforms like Facebook and Google. Now, at
Bad news for the 1%: per a new exhaustive report from Citigroup, finance is on track to bear the brunt of AI-related displacement. AI will “profoundly change money,” the 124-page report declares in the introductory paragraph. Sure, it creates “new opportunities for growth and innovation, often improving our overall quality of life,” Citigroup says. But
Nvidia stock has continued its stunning rally this year, sending the AI chip leader’s valuation past $3 trillion and making it an even bigger presence in the S&P 500. In fact, 34.5% of the S&P 500’s market cap gains so far this year can be attributed to Nvidia alone, according to Apollo Chief Economist Torsten
Artificial intelligence is increasingly playing a role in helping with investment decisions at top asset managers, and that includes the biggest bank by market cap. Later this year, JPMorgan will expand the use of a generative AI tool known as “Moneyball” to help portfolio managers avoid bad calls, such as potentially selling hot stocks too