Economic growth through capital investment in GenAI

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button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>See more</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> 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class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-highlights-links-1" class="cmp-container"> <div class="container responsivegrid"> <div id="container-1f8c2de9c5" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-6ee9047392":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-08-28T13:10:53Z","xdm:text":"<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/ai.html\">AI insights</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/ceo.html\">CEO agenda</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/cfo-agenda.html\">CFO agenda</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/board-matters.html\">EY Center for Board Matters</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/media/podcasts.html\">Podcasts</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/media/webcasts.html\">Webcasts</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/case-studies.html\">Case studies</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/coo.html\">Operations leaders</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/cio.html\">Technology leaders</a></p>\r\n"}}" data-up-is="rich-text" 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data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-description-2" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-1adbaa2064":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-12T05:56:58Z","xdm:text":"<p>EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-button-2" class="cmp-container"> <div class="button"> <a class="up-button cmp-button " href="https://www.ey.com/en_gl/services" data-cmp-clickable data-up-is="button" 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transformation consulting</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/consulting/technology-transformation.html\">Technology transformation</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/tax-function-operations.html\">Tax function operations</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/climate-change-sustainability-services.html\">Climate change and sustainability services</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/ecosystems.html\">EY Ecosystems</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/industries/financial-services/business-transformation-platform.html\">EY Nexus: business transformation platform</a></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><a href="/en_gl/services/ai/platform">EY.ai - A unifying platform</a></p> <p><a href="https://www.ey.com/en_gl/realize-your-ambition/strategy-transaction-transformation-consulting">Strategy, transaction and transformation consulting</a></p> <p><a href="/en_gl/services/consulting/technology-transformation">Technology transformation</a></p> <p><a href="/en_gl/services/tax-function-operations">Tax function operations</a></p> <p><a href="/en_gl/services/climate-change-sustainability-services">Climate change and sustainability services</a></p> <p><a href="/en_gl/ecosystems">EY Ecosystems</a></p> <p><a href="/en_gl/industries/financial-services/business-transformation-platform">EY Nexus: business transformation platform</a></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="container-87c55936e2" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="sitenav-sub-wrapper-3" class="cmp-container"> <div class="container 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<p>Industries</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-description-3" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-e50cdf6396":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2022-02-24T19:53:34Z","xdm:text":"<p>Discover how EY insights and services are helping to reframe the future of your industry.</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>Discover how EY insights and services are helping to reframe the future of your industry.</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button 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2024</span><a href="/en_gl/people/ey">EY Global </a> </p> </div> </div> <div class="container responsivegrid"> <div id="container-b1c08a5969" class="cmp-container"> </div> </div> <div class="container responsivegrid"> <div id="container-b5678f0dbd" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="sitenav-sub-wrapper-4" class="cmp-container"> <div class="container responsivegrid"> <div id="subnav-intro-wrapper-4" class="cmp-container"> <div class="container responsivegrid"> <div id="subnav-intro-title-4" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-3f9168263b":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2022-02-24T19:54:55Z","xdm:text":"<p>Careers</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to 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href=\"https://eyglobal.yello.co/job_boards/c1riT--B2O-KySgYWsZO1Q?locale=en\">Student and entry level programs</a></p>\r\n<p><a href=\"https://careers.ey.com/ey/lp/TC/f7abb34d58e4b33e/?locale=en_US\">Talent community</a></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><a href="https://careers.ey.com/ey">Experienced professionals</a></p> <p><a href="/en_gl/careers/parthenon">EY-Parthenon careers</a></p> <p><a href="https://eyglobal.yello.co/job_boards/c1riT--B2O-KySgYWsZO1Q?locale=en">Student and entry level programs</a></p> <p><a href="https://careers.ey.com/ey/lp/TC/f7abb34d58e4b33e/?locale=en_US">Talent community</a></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="container-316f81daad" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="sitenav-sub-wrapper-5" 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data-up-hook-rich-text="richTextContent"> <p>About us</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-description-5" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-e2356ceb9f":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2022-02-24T19:56:56Z","xdm:text":"<p>At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-button-5" class="cmp-container"> <div class="button"> <a class="up-button cmp-button " href="https://www.ey.com/en_gl/about-us" data-cmp-clickable data-up-is="button" 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class="up-authors-and-contributors__author-name-container up-authors-and-contributors__analytics-author-link" aria-label="Gregory Daco" data-author-label="by"> Gregory Daco </a> <p class="up-authors-and-contributors__author-title">EY-Parthenon Chief Economist, Strategy and Transactions, Ernst & Young LLP</p> </figure> </div> </div> </div> <div class="displaymetadata aem-GridColumn aem-GridColumn--default--12"><div> <div class="up-display-metadata-utility"> <span class="up-display-metadata-utility__content"> 19 minute read </span> <span class="up-display-metadata-utility__content"> 22 Mar 2024 </span> </div> </div> </div> <div class="surfaceTags aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-data-layer="{"surfaceTags-fff1765aed":{"@type":"ey-unified-site/components/surfaceTags","repo:modifyDate":"2024-03-13T07:56:23Z"}}" data-analytics-category="Surface Tags" class="up-surface-tags"> <span class="up-surface-tags__topic-title" data-analytics-label> Related topics </span> <div class="up-surface-tags__topic-items"> <div class="up-surface-tags__topic-items-item"> <a class="cmp-button" data-analytics-link-click href="/en_gl/services/ai"> <span data-analytics-action-value class="cmp-button__text">AI</span> </a> </div> <div class="up-surface-tags__topic-items-item"> <a class="cmp-button" data-analytics-link-click href="/en_gl/services/strategy-transactions"> <span data-analytics-action-value class="cmp-button__text">Strategy and Transactions</span> </a> </div> <div class="up-surface-tags__topic-items-item"> <a class="cmp-button" data-analytics-link-click href="/en_gl/services/strategy"> <span data-analytics-action-value class="cmp-button__text">Strategy by EY-Parthenon</span> </a> </div> <div class="up-surface-tags__topic-items-item"> <a class="cmp-button" data-analytics-link-click href="/en_gl/services/growth"> <span data-analytics-action-value class="cmp-button__text">Growth</span> </a> </div> </div> </div> </div> </div> </div> </div> <div class="left-container container responsivegrid up-two-columns__left-container-bottom"> <div id="left-container-b9aca51526" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> </div> </div> </div> </div> <div class="parsys up-two-columns__right-container"><div class="rich-text text section"><div data-cmp-data-layer="{"rich-text-03df5bc523":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-05T13:51:22Z","xdm:text":"<h4><span class=\"copy-block\">Boost to global GDP growth from increased investment in GenAI R&amp;D, infrastructure, software creation and company adoption will be significant.</span></h4>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h4><span class="copy-block">Boost to global GDP growth from increased investment in GenAI R&D, infrastructure, software creation and company adoption will be significant.</span></h4> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="separator cmp-separator--horizontal-rule section"> <div class="cmp-separator"> <hr class="cmp-separator__horizontal-rule"/> </div></div> <div class="rich-text text section"><div data-cmp-data-layer="{"rich-text-36d19b4249":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-19T15:29:15Z","xdm:text":"<p><span class=\"copy-block\"><b>In brief<br>\r\n</b></span></p>\r\n<ul>\r\n<li><span class=\"copy-block\">To establish GenAI as a cornerstone of modern industry, substantial capital investment will be required.</span></li>\r\n<li><span class=\"copy-block\">Investing in AI could boost global GDP by 0.5% to 1% by 2033, representing between US$500b and US$1t.</span></li>\r\n<li><span class=\"copy-block\">Unlocking the productivity potential of GenAI requires deployment of tangible (infrastructure) and intangible (e.g., technology and skills) investments.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block"><b>In brief<br /> </b></span></p> <ul><li><span class="copy-block">To establish GenAI as a cornerstone of modern industry, substantial capital investment will be required.</span></li><li><span class="copy-block">Investing in AI could boost global GDP by 0.5% to 1% by 2033, representing between US$500b and US$1t.</span></li><li><span class="copy-block">Unlocking the productivity potential of GenAI requires deployment of tangible (infrastructure) and intangible (e.g., technology and skills) investments.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="separator cmp-separator--horizontal-rule section"> <div class="cmp-separator"> <hr class="cmp-separator__horizontal-rule"/> </div></div> <div class="rich-text text section"><div data-cmp-data-layer="{"rich-text-d858c273df":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-06-21T03:19:27Z","xdm:text":"<p><span class=\"drop-cap\">I</span><span class=\"copy-block\">n this installment of our series on the economic impact of AI, we delve into the realm of capital investment in generative AI (GenAI). As GenAI has emerged as one of the key components of economic impact, business leaders today find themselves at a crossroads. The October 2023&nbsp;<a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/ceo/ai-buzz-creating-noise-for-ceos-to-cut-through.html\">EY CEO survey</a>&nbsp;indicates a striking dilemma: while a significant 62% of business leaders acknowledge the urgency of acting on GenAI to prevent competitors from gaining a strategic edge, an almost equal percentage (61%) express reservations due to the uncertainties surrounding the formulation and execution of an AI strategy.</span></p>\r\n<p><span class=\"copy-block\">The survey further reveals an “adoption paradox.” It highlights that two-thirds of organizations that have successfully launched at least one AI initiative anticipate that AI will revolutionize their entire business and operational models within a mere two-year span. In contrast, organizations with more extensive AI experience, defined as those having completed five or more AI-related initiatives, project a more cautious timeline of three to five years for AI to wield similar transformative effects.</span></p>\r\n<p><span class=\"copy-block\">This disparity in expectations underscores the presence of “unknown unknowns” in AI adoption, particularly in determining the nature and extent of capital investment required for laying a robust AI foundation.</span></p>\r\n<p><span class=\"copy-block\">In assessing the potential economic impact of GenAI from a capital investment perspective, we examined the near-term boost to growth from increased investment in research and development, infrastructure, software creation and company adoption. Drawing parallels with the IT revolution in the period of 1980-2000, our two main findings are:</span></p>\r\n<ul>\r\n<li><span class=\"copy-block\">Significant boost to demand: Assuming trend growth around 8.5% in investment categories where GenAI will be most significantly captured, we estimate that capital investment in GenAI will contribute about 0.1 percentage points (ppt) to US GDP growth annually over the next five years. Our baseline, however, is that business investment will likely be 25% faster, leading to an incremental boost to short-term growth of 0.1 ppt of GDP per year, worth over US$150b after five years. A more optimistic scenario could see 50% faster business investment growth, leading to an incremental boost to short-term growth of 0.2 ppt of GDP per year, worth a cumulative US$300b by 2028.</span></li>\r\n</ul>\r\n<ul>\r\n<li><span class=\"copy-block\">Long-term boost from supply: In our baseline where business investment is 25% faster than the current trend growth, the potential growth rate of the economy would rise by 0.1 ppt per year in the 2028-33 period, lifting real GDP by nearly 1% over the baseline by 2033, or the equivalent of a US$250b boost over a decade. Assuming capital investment in AI technology grows 50% faster than the 2017-22 trend pace over the next five years, the annual capital contribution to long-term GDP growth in the 2028-33 period would rise by 0.2 ppt. This stronger tech-driven trajectory would lift real GDP by more than 2% over the baseline by 2033, or the equivalent of a US$500b boost over a decade.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="drop-cap">I</span><span class="copy-block">n this installment of our series on the economic impact of AI, we delve into the realm of capital investment in generative AI (GenAI). As GenAI has emerged as one of the key components of economic impact, business leaders today find themselves at a crossroads. The October 2023 <a href="/en_gl/ceo/ai-buzz-creating-noise-for-ceos-to-cut-through">EY CEO survey</a> indicates a striking dilemma: while a significant 62% of business leaders acknowledge the urgency of acting on GenAI to prevent competitors from gaining a strategic edge, an almost equal percentage (61%) express reservations due to the uncertainties surrounding the formulation and execution of an AI strategy.</span></p> <p><span class="copy-block">The survey further reveals an “adoption paradox.” It highlights that two-thirds of organizations that have successfully launched at least one AI initiative anticipate that AI will revolutionize their entire business and operational models within a mere two-year span. In contrast, organizations with more extensive AI experience, defined as those having completed five or more AI-related initiatives, project a more cautious timeline of three to five years for AI to wield similar transformative effects.</span></p> <p><span class="copy-block">This disparity in expectations underscores the presence of “unknown unknowns” in AI adoption, particularly in determining the nature and extent of capital investment required for laying a robust AI foundation.</span></p> <p><span class="copy-block">In assessing the potential economic impact of GenAI from a capital investment perspective, we examined the near-term boost to growth from increased investment in research and development, infrastructure, software creation and company adoption. Drawing parallels with the IT revolution in the period of 1980-2000, our two main findings are:</span></p> <ul><li><span class="copy-block">Significant boost to demand: Assuming trend growth around 8.5% in investment categories where GenAI will be most significantly captured, we estimate that capital investment in GenAI will contribute about 0.1 percentage points (ppt) to US GDP growth annually over the next five years. Our baseline, however, is that business investment will likely be 25% faster, leading to an incremental boost to short-term growth of 0.1 ppt of GDP per year, worth over US$150b after five years. A more optimistic scenario could see 50% faster business investment growth, leading to an incremental boost to short-term growth of 0.2 ppt of GDP per year, worth a cumulative US$300b by 2028.</span></li></ul> <ul><li><span class="copy-block">Long-term boost from supply: In our baseline where business investment is 25% faster than the current trend growth, the potential growth rate of the economy would rise by 0.1 ppt per year in the 2028-33 period, lifting real GDP by nearly 1% over the baseline by 2033, or the equivalent of a US$250b boost over a decade. Assuming capital investment in AI technology grows 50% faster than the 2017-22 trend pace over the next five years, the annual capital contribution to long-term GDP growth in the 2028-33 period would rise by 0.2 ppt. This stronger tech-driven trajectory would lift real GDP by more than 2% over the baseline by 2033, or the equivalent of a US$500b boost over a decade.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="container responsivegrid section"> <div id="container-8ed4fc615c" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> </div> </div> </div> </div> </div> </div> <div class="upHtmlApp component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-up-is="html-app" class="up-html-app"> <div class="flourish-embed flourish-cards" data-src="visualisation/17024456?38625"><script src="https://public.flourish.studio/resources/embed.js"></script></div> </div> </div> <div class="upArticleReference component aem-GridColumn aem-GridColumn--default--12"><span class="up-article-reference" data-up-is="article-reference" data-up-analytics="article-reference" data-analytics-page-title="Economic growth through capital investment in GenAI | EY - Global" data-up-is-expanded="false"> <button id="article-reference-heading" class="up-article-reference__heading" data-up-hook-article-reference="heading" aria-controls="article-reference-content" aria-expanded="false" role="button"> <span class="up-article-reference__heading-opened">Open image description </span> <span class="up-article-reference__heading-closed">Close image description </span> </button> <div id="article-reference-content" class="up-article-reference__content" data-up-hook-article-reference="content" role="region" aria-labelledby="article-reference-heading" aria-hidden="true" inert> <span>This chart shows the GDP boost from GenAI investment by the boost per year — showing baseline and optimistic — and by the boost per cumulative years through 2028, also showing baseline and optimistic. Baseline assumes business investment in categories where GenAI will be most significantly captured is 25% faster than trend growth; optimistic assumes business investment in categories where GenAI will be most significantly captured is 50% faster than trend growth. Data from this chart is discussed in the article.</span> </div> </span> <br/> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn--tablet-landscape--12 aem-GridColumn--tablet-portrait--none aem-GridColumn--offset--tablet-portrait--0 aem-GridColumn--offset--default--2 aem-GridColumn--offset--mobile--0 aem-GridColumn--tablet-portrait--12 aem-GridColumn--mobile--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--tablet-landscape--none aem-GridColumn--offset--tablet-landscape--0 aem-GridColumn--mobile--12"><div data-cmp-data-layer="{"rich-text-4202bc0e09":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-26T08:52:50Z","xdm:text":"<p><span class=\"copy-block\">Looking across major economies, the contributions from greater GenAI investment could also be significant. While the US market is likely to remain the leader in GenAI technologies investment, China and Europe will be following closely behind. We estimate that the lift to global GDP could total between US$300b and US$600b over the next five years. The boost to global potential GDP could amount to between US$500b and US$1t over the next decade.</span></p>\r\n<p><span class=\"copy-block\">In this installment of our “Economic impact of AI” series, we will focus on the business investment and capital accumulation dimension, and leave the productivity dimension of accelerating processes, optimizing operations and unlocking new capabilities to the next article in our series.</span></p>\r\n<p><span class=\"copy-block\">We will discuss investment in GenAI and associated capital accumulation by taking a deeper look at the following:</span></p>\r\n<ul>\r\n<li><span class=\"copy-block\"><a href=\"#Backtobasics\">Back to basics:</a> demand and supply<u></u></span></li>\r\n<li><span class=\"copy-block\"><a href=\"#Thedemandperspective\">The demand perspective</a>: near-term contribution of capital investment in GenAI to GDP<u></u></span></li>\r\n<li><span class=\"copy-block\"><a href=\"#Thesupplyperspective\">The supply perspective</a>: a strong capital foundation to promote more sustainable growth</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block">Looking across major economies, the contributions from greater GenAI investment could also be significant. While the US market is likely to remain the leader in GenAI technologies investment, China and Europe will be following closely behind. We estimate that the lift to global GDP could total between US$300b and US$600b over the next five years. The boost to global potential GDP could amount to between US$500b and US$1t over the next decade.</span></p> <p><span class="copy-block">In this installment of our “Economic impact of AI” series, we will focus on the business investment and capital accumulation dimension, and leave the productivity dimension of accelerating processes, optimizing operations and unlocking new capabilities to the next article in our series.</span></p> <p><span class="copy-block">We will discuss investment in GenAI and associated capital accumulation by taking a deeper look at the following:</span></p> <ul><li><span class="copy-block"><a href="#Backtobasics">Back to basics:</a> demand and supply<u></u></span></li><li><span class="copy-block"><a href="#Thedemandperspective">The demand perspective</a>: near-term contribution of capital investment in GenAI to GDP<u></u></span></li><li><span class="copy-block"><a href="#Thesupplyperspective">The supply perspective</a>: a strong capital foundation to promote more sustainable growth</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="container responsivegrid cmp-container--component-e2e aem-GridColumn aem-GridColumn--default--12"> <div id="container-0c0554ff27" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--tablet-landscape--12 "> <div class="anchor parbase aem-GridColumn aem-GridColumn--default--12"> <a class="ey-anchor" id="Backtobasics" name="Backtobasics"></a> </div> <div class="chapter-breaker aem-GridColumn--tablet-landscape--12 aem-GridColumn aem-GridColumn--tablet-landscape--none aem-GridColumn--default--12 aem-GridColumn--offset--tablet-landscape--0"> <div class="up-chapter-breaker up-chapter-breaker---with-image up-chapter-breaker--bothleft up-chapter-breaker--article" id="chapter-breaker-eb59013730"> <div class="up-chapter-breaker__img"> <div class="up-image " data-up-is="image"> <div class="up-image__image" data-up-hook-image="[image]" data-aspect-ratio="1.5" style="--up-image-focal-x: 50%; --up-image-focal-y: 50%"> <div data-cmp-is="image" data-cmp-widths="100,200,300,400,500,600,700,800,900,1000,1100,1200,1600,1800,2000,2400,2700,3000,3300,3600,3840" data-cmp-src="/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width={width}&quality=85&preferwebp=true" data-asset-id="76a05f7a-1050-467e-8bed-0ca59cae1404" data-cmp-filereference="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-businesswoman-leading-conference.jpg" id="image-render-0f15bb29ed" data-cmp-data-layer="{"image-render-0f15bb29ed":{"@type":"ey-unified-site/components/up-image/image-render","repo:modifyDate":"2024-03-13T10:51:14Z","dc:title":"Businesswoman leading conference room meeting","image":{"repo:id":"76a05f7a-1050-467e-8bed-0ca59cae1404","repo:modifyDate":"2024-03-13T07:12:15Z","@type":"image/jpeg","repo:path":"/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-businesswoman-leading-conference.jpg"}}}" data-cmp-hook-image="imageV3" class="cmp-image" itemscope itemtype="http://schema.org/ImageObject"> <img src="/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?quality=85&preferwebp=true" srcset="/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=100&quality=85&preferwebp=true 100w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=200&quality=85&preferwebp=true 200w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=300&quality=85&preferwebp=true 300w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=400&quality=85&preferwebp=true 400w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=500&quality=85&preferwebp=true 500w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=600&quality=85&preferwebp=true 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3000w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=3300&quality=85&preferwebp=true 3300w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=3600&quality=85&preferwebp=true 3600w,/adobe/dynamicmedia/deliver/dm-aid--76a05f7a-1050-467e-8bed-0ca59cae1404/ey-businesswoman-leading-conference.jpg?width=3840&quality=85&preferwebp=true 3840w" loading="lazy" class="cmp-image__image" itemprop="contentUrl" width="3840" height="2560" alt="Businesswoman leading conference room meeting" title="Businesswoman leading conference room meeting"/> <meta itemprop="caption" content="Businesswoman leading conference room meeting"/> </div> </div> </div> </div> <div class="up-chapter-breaker__gradient"></div> <div class="up-chapter-breaker__number-container"> <span class="up-chapter-breaker__number">1</span> </div> <div class="up-chapter-breaker__content-grid"> <div class="up-chapter-breaker__content"> <p class="up-chapter-breaker__label"> Chapter 1 </p> <h2 class="up-chapter-breaker__title">Back to basics: demand and supply</h2> <p class="up-chapter-breaker__subtitle">Capital investment in GenAI can spur stronger capital accumulation and productivity, boosting the global economy’s growth rate.</p> </div> </div> </div> </div> </div> </div> </div> <div class="nested-tile aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div class="content"> <div class="height-control"></div> <div class="nestedTileSec nestedTile-parsys rightAlign small"> <div id="nested-tile-container-334d8ea91e" class="cmp-container"> <div class="link-area"> <div class="cmp-link-area cmp-link-area--regular " data-analytics-category="Link Area"> <p class="cmp-link-area__header"> How EY-Parthenon can Help </p> <div> <ul class="cmp-link-area__regular "> <li class="cmp-link-area__item "> <div class="cmp-link-area__wrapper"> <p class="cmp-link-area__item--title"> <a data-analytics-link-click data-analytics-event-label="linkAreaHeader-EY-Parthenon-How EY-Parthenon can Help" data-analytics-action-value="Capital allocation services" href="/en_gl/services/strategy-transactions/capital-allocation-services"> Capital allocation services </a> </p> </div> <p class="cmp-link-area__item__paragraph">Our capital allocation services team can help you objectively assess the alignment of your business strategy to your asset portfolio. Find out how. </p> <a class="cmp-link-area__item__readmore" href="/en_gl/services/strategy-transactions/capital-allocation-services"> Read more </a> </li> </ul> </div> </div> </div> </div> </div> <div class="richText-content cmp-text "> <p><span class="copy-block">In an era where technological innovation is the cornerstone of economic prowess, GenAI has the potential to reshape the contours of businesses and the broader economy. This chapter delves into the burgeoning role of increased capital investment in AI, underscoring its potential to be a significant driver of near-term economic growth.</span></p> <p><span class="copy-block"> </span></p> <p><span class="copy-block">It’s important to consider that GenAI investment is not just a technological upgrade but a strategic economic lever to redefine business models, markets, industries and the very fabric of the global economy. By dissecting the dynamics of AI investment, we aim to unveil how it can propel economic activity, observed through the dual prisms of demand and supply.</span></p> <p><span class="copy-block"> </span></p> <p><span class="copy-block">From the demand perspective, investment in GenAI is seen as a new frontier for capital allocation, influencing various sectors from health care to finance, and energizing them with innovative capabilities. The investment fuels the industries it permeates, leading to an uptick in overall economic activity and consumer demand.</span></p> <p><span class="copy-block"> </span></p> <p><span class="copy-block">On the supply side, investment in AI will be a catalyst for stronger capital accumulation as well as productivity growth, lifting the global economy’s potential growth rate.</span></p> <p><span class="copy-block"> </span></p> <p><span class="copy-block">As we noted in the <a href="/en_gl/insights/ai/tech-disruptions-can-inform-the-economic-impact-of-ai">first installment of our series</a>, prior general-purpose technologies have had a significant impact on economic activity, but that impact has generally lagged.</span></p> <p><span class="copy-block"> </span></p> <p><span class="copy-block">Some of the main reasons for that lag are implementation and diffusion delays, learning and adjustment periods due to the time it takes to effectively use new technologies and delays in the development of complementary innovations or infrastructure for the technology to be fully effective.</span></p> <p><span class="copy-block"> </span></p> <p><span class="copy-block">To establish GenAI as a cornerstone of modern industry, substantial capital investment may be required.</span></p> <ul><li><span class="copy-block">Research and development (R&D): Building and refining AI models necessitate a significant influx of resources. The data-intensive nature of GenAI calls for investment in gathering, storing and processing data, as well as in the computational power needed to train sophisticated models.</span></li></ul> <ul><li><span class="copy-block">Infrastructure providers: Investment in the physical and digital infrastructure necessary to support AI technologies forms another cornerstone of this economic transformation. This encompasses everything from data centers to advanced networking capabilities and even cybersecurity. The adequacy of this infrastructure directly impacts the efficiency and effectiveness of AI solutions.</span></li></ul> <ul><li><span class="copy-block">Software creation: The investment in AI applications across various business sectors is perhaps the most visible aspect of AI’s economic influence. From finance to manufacturing, AI applications are revolutionizing traditional business processes, enhancing customer experiences and opening new revenue streams. These investments are not merely about automating routine tasks but are also about leveraging AI to uncover insights, predict trends, and create more personalized and efficient services.</span></li></ul> <ul><li><span class="copy-block">Corporate adoption: It’s essential for businesses to invest in integrating GenAI into their operations. This includes not only the technology itself but also the training of personnel and restructuring of processes to fully capitalize on AI’s potential. The widespread adoption of AI by businesses could have a notable economic impact as it leads to increased operational efficiencies, reduced costs and enhanced competitive capabilities. Moreover, as AI becomes more ingrained in business operations, it will likely drive the demand for skilled workers and AI-related services, and, consequently, it will probably stimulate job creation and economic activity in related sectors.</span></li></ul> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid cmp-container--component-e2e aem-GridColumn aem-GridColumn--default--12"> <div id="container-1d254f1a49" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--tablet-portrait--12 aem-Grid--mobile--12 aem-Grid--tablet-landscape--12 "> <div class="anchor parbase aem-GridColumn aem-GridColumn--default--12"> <a class="ey-anchor" id="Thedemandperspective" name="Thedemandperspective"></a> </div> <div class="chapter-breaker aem-GridColumn aem-GridColumn--default--12"> <div class="up-chapter-breaker up-chapter-breaker---with-image up-chapter-breaker--bothleft up-chapter-breaker--article" id="chapter-breaker-e26d4b2b67"> <div class="up-chapter-breaker__img"> <div class="up-image " data-up-is="image"> <div class="up-image__image" data-up-hook-image="[image]" data-aspect-ratio="1.5" style="--up-image-focal-x: 50%; --up-image-focal-y: 50%"> <div data-cmp-is="image" data-cmp-widths="100,200,300,400,500,600,700,800,900,1000,1100,1200,1600,1800,2000,2400,2700,3000,3300,3600,3840" data-cmp-src="/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width={width}&quality=85&preferwebp=true" data-asset-id="61e58e61-ea7e-46d7-abf0-4ec87cd9d365" data-cmp-filereference="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-diverse-business-people-meeting.jpg" id="image-render-73e8a919fb" data-cmp-data-layer="{"image-render-73e8a919fb":{"@type":"ey-unified-site/components/up-image/image-render","repo:modifyDate":"2024-03-13T11:08:39Z","dc:title":"Diverse group of business people having a meeting in the conference room, Diverse group of business people having a meeting in the confere","image":{"repo:id":"61e58e61-ea7e-46d7-abf0-4ec87cd9d365","repo:modifyDate":"2024-03-13T07:13:15Z","@type":"image/jpeg","repo:path":"/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-diverse-business-people-meeting.jpg"}}}" data-cmp-hook-image="imageV3" class="cmp-image" itemscope itemtype="http://schema.org/ImageObject"> <img src="/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?quality=85&preferwebp=true" srcset="/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=100&quality=85&preferwebp=true 100w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=200&quality=85&preferwebp=true 200w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=300&quality=85&preferwebp=true 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900w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=1000&quality=85&preferwebp=true 1000w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=1100&quality=85&preferwebp=true 1100w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=1200&quality=85&preferwebp=true 1200w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=1600&quality=85&preferwebp=true 1600w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=1800&quality=85&preferwebp=true 1800w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=2000&quality=85&preferwebp=true 2000w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=2400&quality=85&preferwebp=true 2400w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=2700&quality=85&preferwebp=true 2700w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=3000&quality=85&preferwebp=true 3000w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=3300&quality=85&preferwebp=true 3300w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=3600&quality=85&preferwebp=true 3600w,/adobe/dynamicmedia/deliver/dm-aid--61e58e61-ea7e-46d7-abf0-4ec87cd9d365/ey-diverse-business-people-meeting.jpg?width=3840&quality=85&preferwebp=true 3840w" loading="lazy" class="cmp-image__image" itemprop="contentUrl" width="3840" height="2560" alt="Diverse group of business people having a meeting in the conference room" title="Diverse group of business people having a meeting in the conference room, Diverse group of business people having a meeting in the confere"/> <meta itemprop="caption" content="Diverse group of business people having a meeting in the conference room, Diverse group of business people having a meeting in the confere"/> </div> </div> </div> </div> <div class="up-chapter-breaker__gradient"></div> <div class="up-chapter-breaker__number-container"> <span class="up-chapter-breaker__number">2</span> </div> <div class="up-chapter-breaker__content-grid"> <div class="up-chapter-breaker__content"> <p class="up-chapter-breaker__label"> Chapter 2 </p> <h2 class="up-chapter-breaker__title">Demand perspective: contribution of capital in GenAI to GDP</h2> <p class="up-chapter-breaker__subtitle">Rising capital investment in GenAI is positioned to increase quickly and prompt GDP growth.</p> </div> </div> </div> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-cmp-data-layer="{"rich-text-ad3d713dd4":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T11:09:39Z","xdm:text":"<p><span class=\"copy-block\">In assessing the potential economic impact of GenAI from a demand perspective, it is instructive to draw parallels with the investment dynamics of previous technological revolutions. In the early 1990s, business investment in information processing equipment and software totaled about 3% of US GDP, or US$155b.</span></p>\r\n<p><span class=\"copy-block\">As businesses invested in the physical and human infrastructure necessary to support, implement and reshape business processes in the computer age, that share of investment rapidly grew to 4.5% of US GDP, or US$400b by the early 2000s.</span></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block">In assessing the potential economic impact of GenAI from a demand perspective, it is instructive to draw parallels with the investment dynamics of previous technological revolutions. In the early 1990s, business investment in information processing equipment and software totaled about 3% of US GDP, or US$155b.</span></p> <p><span class="copy-block">As businesses invested in the physical and human infrastructure necessary to support, implement and reshape business processes in the computer age, that share of investment rapidly grew to 4.5% of US GDP, or US$400b by the early 2000s.</span></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div id="container-dcf1ae6400" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="upHtmlApp component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-up-is="html-app" class="up-html-app"> <div class="flourish-embed" data-src="story/2274309?38625"><script src="https://public.flourish.studio/resources/embed.js"></script></div> </div> </div> <div class="upArticleReference component aem-GridColumn aem-GridColumn--default--12"><span class="up-article-reference" data-up-is="article-reference" data-up-analytics="article-reference" data-analytics-page-title="Economic growth through capital investment in GenAI | EY - Global" data-up-is-expanded="false"> <button id="article-reference-heading" class="up-article-reference__heading" data-up-hook-article-reference="heading" aria-controls="article-reference-content" aria-expanded="false" role="button"> <span class="up-article-reference__heading-opened">Open image description </span> <span class="up-article-reference__heading-closed">Close image description </span> </button> <div id="article-reference-content" class="up-article-reference__content" data-up-hook-article-reference="content" role="region" aria-labelledby="article-reference-heading" aria-hidden="true" inert> <span>This chart shows business investment in GenAI as a share of GDP from 2008 through 2028. Six lines in the chart (that is, trend real, trend nominal, baseline real, baseline nominal, optimistic real and optimistic nominal) are shown as potential scenarios. “Trend “refers to trend growth around 8.5% per annum in investment categories where GenAI will be most significantly captured. The baseline assumes business investment is 25% faster than trend growth. And “optimistic” assumes business investment is 50% faster than trend growth. Data from this chart is discussed in the article.</span> </div> </span> <br/> </div> </div> </div> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-cmp-data-layer="{"rich-text-89727d9a13":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T11:27:48Z","xdm:text":"<p><span class=\"copy-block\">We are likely on the cusp of a similar trend with GenAI, where burgeoning investment in AI technology is poised to increase rapidly and boost GDP growth. Specifically, we isolated the following investment categories likely to capture AI technology:</span></p>\r\n<ul>\r\n<li><span class=\"copy-block\">Software</span></li>\r\n<li><span class=\"copy-block\">R&amp;D in semiconductor and other electric components manufacturing, other computer and electronic product manufacturing, scientific services and software publishers</span></li>\r\n<li><span class=\"copy-block\">Computers and peripheral equipment</span></li>\r\n<li><span class=\"copy-block\">Communication equipment</span></li>\r\n</ul>\r\n<h3><span class=\"copy-block\">Scenario analysis</span></h3>\r\n<p><span class=\"copy-block\">The categories where new investment in GenAI will be most significantly captured totaled about US$750b in 2017, or about 3.8% of real US GDP. By 2022, investment had grown to just over US$1.1t, or about 5.2% of GDP.</span></p>\r\n<ul>\r\n<li><span class=\"copy-block\">Trend growth: Assuming trend growth in line with economic momentum from 2017 to 2022, investment would be expected to grow around 8.8% per year from 2023 to 2028 and represent 7.6% of real GDP by 2028, or US$1.9t. While this would mean that investment in AI technology would contribute about 0.4 ppt to GDP growth per year, it would not represent an increase in the growth contribution relative to recent past.<br>\r\n </span></li>\r\n<li><span class=\"copy-block\">Baseline expectations: If, instead, we assume that nominal capital investment in AI technology grows 25% faster than the 2017-2022 trend pace over the next five years, then investment represents 8.1% of real GDP by 2028, or US$2t. This would translate into an incremental contribution of GenAI technology investment to GDP growth of 0.1 ppt per year (for a total contribution of 0.5 ppt), and by 2028, a boost to real GDP worth US$150b, or 0.6%.</span></li>\r\n<li><span class=\"copy-block\">Reason for optimism: Still, there may be reason to be even more confident about the outlook. Assuming capital investment in AI technology grows 50% faster than the 2017–2022 trend pace over the next five years — which is akin to the acceleration in business investment in information processing equipment and software in the late 1990s — then investment would grow about 11% annually from 2023 to 2028 and represent 8.7% of GDP by 2028, or US$2.1t. This would constitute an incremental short-term contribution to GDP growth of 0.2 ppt per year (for a total contribution of 0.6 ppt), and by 2028, a boost to real GDP worth US$300b, or 1.3%.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block">We are likely on the cusp of a similar trend with GenAI, where burgeoning investment in AI technology is poised to increase rapidly and boost GDP growth. Specifically, we isolated the following investment categories likely to capture AI technology:</span></p> <ul><li><span class="copy-block">Software</span></li><li><span class="copy-block">R&D in semiconductor and other electric components manufacturing, other computer and electronic product manufacturing, scientific services and software publishers</span></li><li><span class="copy-block">Computers and peripheral equipment</span></li><li><span class="copy-block">Communication equipment</span></li></ul> <h3><span class="copy-block">Scenario analysis</span></h3> <p><span class="copy-block">The categories where new investment in GenAI will be most significantly captured totaled about US$750b in 2017, or about 3.8% of real US GDP. By 2022, investment had grown to just over US$1.1t, or about 5.2% of GDP.</span></p> <ul><li><span class="copy-block">Trend growth: Assuming trend growth in line with economic momentum from 2017 to 2022, investment would be expected to grow around 8.8% per year from 2023 to 2028 and represent 7.6% of real GDP by 2028, or US$1.9t. While this would mean that investment in AI technology would contribute about 0.4 ppt to GDP growth per year, it would not represent an increase in the growth contribution relative to recent past.<br /> </span></li><li><span class="copy-block">Baseline expectations: If, instead, we assume that nominal capital investment in AI technology grows 25% faster than the 2017-2022 trend pace over the next five years, then investment represents 8.1% of real GDP by 2028, or US$2t. This would translate into an incremental contribution of GenAI technology investment to GDP growth of 0.1 ppt per year (for a total contribution of 0.5 ppt), and by 2028, a boost to real GDP worth US$150b, or 0.6%.</span></li><li><span class="copy-block">Reason for optimism: Still, there may be reason to be even more confident about the outlook. Assuming capital investment in AI technology grows 50% faster than the 2017–2022 trend pace over the next five years — which is akin to the acceleration in business investment in information processing equipment and software in the late 1990s — then investment would grow about 11% annually from 2023 to 2028 and represent 8.7% of GDP by 2028, or US$2.1t. This would constitute an incremental short-term contribution to GDP growth of 0.2 ppt per year (for a total contribution of 0.6 ppt), and by 2028, a boost to real GDP worth US$300b, or 1.3%.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="nested-tile aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div class="content"> <div class="height-control"></div> <div class="nestedTileSec nestedTile-parsys rightAlign small"> <div id="nested-tile-container-0b5eb193e0" class="cmp-container"> <div class="link-area"> <div class="cmp-link-area cmp-link-area--regular " data-analytics-category="Link Area"> <p class="cmp-link-area__header"> How EY-Parthenon can Help </p> <div> <ul class="cmp-link-area__regular "> <li class="cmp-link-area__item "> <div class="cmp-link-area__wrapper"> <p class="cmp-link-area__item--title"> <a data-analytics-link-click data-analytics-event-label="linkAreaHeader-EY-Parthenon-How EY-Parthenon can Help" data-analytics-action-value="Corporate and growth strategy" href="/en_gl/services/strategy/corporate-growth-strategy"> Corporate and growth strategy </a> </p> </div> <p class="cmp-link-area__item__paragraph">EY-Parthenon professionals can help your business design and provide transformative strategies for sustainable growth. Learn more.</p> <a class="cmp-link-area__item__readmore" href="/en_gl/services/strategy/corporate-growth-strategy"> Read more </a> </li> </ul> </div> </div> </div> </div> </div> <div class="richText-content cmp-text nested-tile--georgia-font"> <p><span class="copy-block">The potential uplift to global GDP from increased GenAI investment could also be substantial. With the US expected to continue leading in GenAI technology investment, closely followed by Europe, Japan and China, global GDP could see an augmentation of between US$300b (in our baseline scenario) and US$600b (in the optimistic case) over the next five years. This significant boost would reflect the accelerated adoption and integration of GenAI technologies across major economies, underlining the transformative impact of AI.</span></p> </div> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div id="container-083c11a7e1" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="anchor parbase aem-GridColumn aem-GridColumn--default--12"> <a class="ey-anchor" id="Thesupplyperspective" name="Thesupplyperspective"></a> </div> <div class="chapter-breaker aem-GridColumn aem-GridColumn--default--12"> <div class="up-chapter-breaker up-chapter-breaker---with-image up-chapter-breaker--bothleft up-chapter-breaker--article" id="chapter-breaker-158a6ccaa9"> <div class="up-chapter-breaker__img"> <div class="up-image " data-up-is="image"> <div class="up-image__image" data-up-hook-image="[image]" data-aspect-ratio="1.5" style="--up-image-focal-x: 50%; --up-image-focal-y: 50%"> <div data-cmp-is="image" data-cmp-widths="100,200,300,400,500,600,700,800,900,1000,1100,1200,1600,1800,2000,2400,2700,3000,3300,3600,3840" data-cmp-src="/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width={width}&quality=85&preferwebp=true" data-asset-id="028ab644-528f-4dc6-865a-d3c51dc326a0" data-cmp-filereference="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-smiling-businesswoman-at-laptop.jpg" id="image-render-8c3c776e8a" data-cmp-data-layer="{"image-render-8c3c776e8a":{"@type":"ey-unified-site/components/up-image/image-render","repo:modifyDate":"2024-03-13T11:40:53Z","dc:title":"Smiling businesswoman at laptop in meeting in highrise office","image":{"repo:id":"028ab644-528f-4dc6-865a-d3c51dc326a0","repo:modifyDate":"2024-03-13T07:14:39Z","@type":"image/jpeg","repo:path":"/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-smiling-businesswoman-at-laptop.jpg"}}}" data-cmp-hook-image="imageV3" class="cmp-image" itemscope itemtype="http://schema.org/ImageObject"> <img src="/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?quality=85&preferwebp=true" srcset="/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=100&quality=85&preferwebp=true 100w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=200&quality=85&preferwebp=true 200w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=300&quality=85&preferwebp=true 300w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=400&quality=85&preferwebp=true 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1000w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=1100&quality=85&preferwebp=true 1100w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=1200&quality=85&preferwebp=true 1200w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=1600&quality=85&preferwebp=true 1600w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=1800&quality=85&preferwebp=true 1800w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=2000&quality=85&preferwebp=true 2000w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=2400&quality=85&preferwebp=true 2400w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=2700&quality=85&preferwebp=true 2700w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=3000&quality=85&preferwebp=true 3000w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=3300&quality=85&preferwebp=true 3300w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=3600&quality=85&preferwebp=true 3600w,/adobe/dynamicmedia/deliver/dm-aid--028ab644-528f-4dc6-865a-d3c51dc326a0/ey-smiling-businesswoman-at-laptop.jpg?width=3840&quality=85&preferwebp=true 3840w" loading="lazy" class="cmp-image__image" itemprop="contentUrl" width="3840" height="2560" alt="Smiling businesswoman at laptop in meeting in highrise office" title="Smiling businesswoman at laptop in meeting in highrise office"/> <meta itemprop="caption" content="Smiling businesswoman at laptop in meeting in highrise office"/> </div> </div> </div> </div> <div class="up-chapter-breaker__gradient"></div> <div class="up-chapter-breaker__number-container"> <span class="up-chapter-breaker__number">3</span> </div> <div class="up-chapter-breaker__content-grid"> <div class="up-chapter-breaker__content"> <p class="up-chapter-breaker__label"> Chapter 3 </p> <h2 class="up-chapter-breaker__title">Supply perspective: strong capital foundation promotes growth</h2> <p class="up-chapter-breaker__subtitle">Past tech disruptions and our scenario analysis provide a case for optimism about GenAI’s ability to drive long-term growth.</p> </div> </div> </div> </div> </div> </div> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-cmp-data-layer="{"rich-text-e7eb4b81ce":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T11:42:04Z","xdm:text":"<p><span class=\"copy-block\">At the heart of AI’s transformative potential on the supply side of the economy is its capacity to drive greater capital accumulation and stronger productivity growth. Capital investment in AI is not just an expenditure; it’s a strategic allocation of resources that acts as the foundation for developing and deploying AI solutions and seeds future productivity enhancements.</span></p>\r\n<p><span class=\"copy-block\">While we will delineate the long-term growth implication from GenAI-driven productivity growth in a subsequent chapter, we believe it is essential to dissect the impact of greater capital accumulation first.</span></p>\r\n<p><span class=\"copy-block\">Capital accumulation in AI involves investing in various components such as AI models (through building and refining), physical and digital infrastructure, software, AI applications, and AI integration and adoption. Just like physical capital, these investments in AI technologies act as the foundation that allows for stronger economic potential.</span></p>\r\n<h3><span class=\"copy-block\">Capturing longer-term impact from greater capital investment in AI technology</span></h3>\r\n<p><span class=\"copy-block\">The surge in business investment in information processing equipment and software through the 1990s did not just lead to a direct boost to GDP growth, but it also led to increased capital accumulation that then supported stronger long-term GDP growth.</span></p>\r\n<p><span class=\"copy-block\">To put things in perspective, the US economy’s potential GDP growth rate was estimated to be around 2.5% from 1990 to 1995, but subsequently it accelerated to 3.8% in the 1995-2000 period. Taking all drivers of growth into consideration, the capital contribution to potential GDP growth nearly doubled from 0.7 ppt in the early 1990s to 1.3 ppt in the 1995-2000 period. At the same time, the contribution of productivity also rose from 1.1 ppt to 1.7 ppt from 1995 to 2000 and remained elevated around 1.5 ppt from 2000 to 2005.</span></p>\r\n<p><span class=\"copy-block\">This confirms the findings from chapter 1, which indicated a five- to 10-year delay between the development of new technologies and their more sustainable impact on productivity and growth potential.</span></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block">At the heart of AI’s transformative potential on the supply side of the economy is its capacity to drive greater capital accumulation and stronger productivity growth. Capital investment in AI is not just an expenditure; it’s a strategic allocation of resources that acts as the foundation for developing and deploying AI solutions and seeds future productivity enhancements.</span></p> <p><span class="copy-block">While we will delineate the long-term growth implication from GenAI-driven productivity growth in a subsequent chapter, we believe it is essential to dissect the impact of greater capital accumulation first.</span></p> <p><span class="copy-block">Capital accumulation in AI involves investing in various components such as AI models (through building and refining), physical and digital infrastructure, software, AI applications, and AI integration and adoption. Just like physical capital, these investments in AI technologies act as the foundation that allows for stronger economic potential.</span></p> <h3><span class="copy-block">Capturing longer-term impact from greater capital investment in AI technology</span></h3> <p><span class="copy-block">The surge in business investment in information processing equipment and software through the 1990s did not just lead to a direct boost to GDP growth, but it also led to increased capital accumulation that then supported stronger long-term GDP growth.</span></p> <p><span class="copy-block">To put things in perspective, the US economy’s potential GDP growth rate was estimated to be around 2.5% from 1990 to 1995, but subsequently it accelerated to 3.8% in the 1995-2000 period. Taking all drivers of growth into consideration, the capital contribution to potential GDP growth nearly doubled from 0.7 ppt in the early 1990s to 1.3 ppt in the 1995-2000 period. At the same time, the contribution of productivity also rose from 1.1 ppt to 1.7 ppt from 1995 to 2000 and remained elevated around 1.5 ppt from 2000 to 2005.</span></p> <p><span class="copy-block">This confirms the findings from chapter 1, which indicated a five- to 10-year delay between the development of new technologies and their more sustainable impact on productivity and growth potential.</span></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div id="container-a62a0c9299" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="upHtmlApp component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-up-is="html-app" class="up-html-app"> <div class="flourish-embed flourish-cards" data-src="visualisation/17023806?38625"><script src="https://public.flourish.studio/resources/embed.js"></script></div> </div> </div> <div class="upArticleReference component aem-GridColumn aem-GridColumn--default--12"><span class="up-article-reference" data-up-is="article-reference" data-up-analytics="article-reference" data-analytics-page-title="Economic growth through capital investment in GenAI | EY - Global" data-up-is-expanded="false"> <button id="article-reference-heading" class="up-article-reference__heading" data-up-hook-article-reference="heading" aria-controls="article-reference-content" aria-expanded="false" role="button"> <span class="up-article-reference__heading-opened">Open image description </span> <span class="up-article-reference__heading-closed">Close image description </span> </button> <div id="article-reference-content" class="up-article-reference__content" data-up-hook-article-reference="content" role="region" aria-labelledby="article-reference-heading" aria-hidden="true" inert> <span>This chart shows the contribution to real potential GDP growth and focuses on three periods of time — 1990-1995, 1995-2000 and 2000-2005. The three areas displayed in the graph are labor and productivity, capital and potential GDP. Data from this chart is discussed in the article.</span> </div> </span> <br/> </div> </div> </div> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-cmp-data-layer="{"rich-text-07227741d4":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T11:47:52Z","xdm:text":"<h3><span class=\"copy-block\">Scenario analysis</span></h3>\r\n<p><span class=\"copy-block\">Using the same three scenarios, which analyzed the potential short-term economic impact of greater capital investment in AI technologies, we can infer the likely boost to potential US GDP growth in the five years from 2028 to 2033.</span></p>\r\n<ul>\r\n<li><span class=\"copy-block\">Trend growth: Assuming business investment in AI technology continues to grow in line with its moderate 2017-2022 trend, the annual capital contribution to long-term GDP growth in the 2028-2033 period would likely be around 0.5 ppt.<br>\r\n </span></li>\r\n<li><span class=\"copy-block\">Baseline expectations: If, instead, we assume that capital investment in AI technology grows 25% faster than the 2017-2022 trend pace over the next five years, the capital contribution to long-term GDP growth in the 2028-2033 period would rise from 0.5 ppt annually to 0.6 ppt — thereby lifting the potential growth rate of the economy by 0.1 ppt. This may appear to be a small difference, but by lifting the economy’s potential growth rate, this stronger tech-driven trajectory would lift GDP by nearly 1% over the baseline by 2033, or the equivalent of a US$230b boost over a decade (US$360b in nominal terms).<br>\r\n </span></li>\r\n<li><span class=\"copy-block\">Reason for optimism: As we noted earlier, there is reason to be more confident still about the potential capital accumulation contribution to long-term growth. Assuming capital investment in AI technology grows 50% faster than the 2017-2022 trend pace over the next five years – which is akin to the acceleration in business investment in information processing equipment and software in the late 1990s — the capital contribution to long-term GDP growth in the 2028-2033 period would rise from 0.5 ppt annually to 0.7 ppt — thereby lifting the potential growth rate of the economy by 0.2 ppt. This stronger tech-driven trajectory would lift real GDP by nearly 2% over the baseline by 2033, or the equivalent of a US$475b boost over a decade.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h3><span class="copy-block">Scenario analysis</span></h3> <p><span class="copy-block">Using the same three scenarios, which analyzed the potential short-term economic impact of greater capital investment in AI technologies, we can infer the likely boost to potential US GDP growth in the five years from 2028 to 2033.</span></p> <ul><li><span class="copy-block">Trend growth: Assuming business investment in AI technology continues to grow in line with its moderate 2017-2022 trend, the annual capital contribution to long-term GDP growth in the 2028-2033 period would likely be around 0.5 ppt.<br /> </span></li><li><span class="copy-block">Baseline expectations: If, instead, we assume that capital investment in AI technology grows 25% faster than the 2017-2022 trend pace over the next five years, the capital contribution to long-term GDP growth in the 2028-2033 period would rise from 0.5 ppt annually to 0.6 ppt — thereby lifting the potential growth rate of the economy by 0.1 ppt. This may appear to be a small difference, but by lifting the economy’s potential growth rate, this stronger tech-driven trajectory would lift GDP by nearly 1% over the baseline by 2033, or the equivalent of a US$230b boost over a decade (US$360b in nominal terms).<br /> </span></li><li><span class="copy-block">Reason for optimism: As we noted earlier, there is reason to be more confident still about the potential capital accumulation contribution to long-term growth. Assuming capital investment in AI technology grows 50% faster than the 2017-2022 trend pace over the next five years – which is akin to the acceleration in business investment in information processing equipment and software in the late 1990s — the capital contribution to long-term GDP growth in the 2028-2033 period would rise from 0.5 ppt annually to 0.7 ppt — thereby lifting the potential growth rate of the economy by 0.2 ppt. This stronger tech-driven trajectory would lift real GDP by nearly 2% over the baseline by 2033, or the equivalent of a US$475b boost over a decade.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="nested-tile aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div class="content"> <div class="height-control"></div> <div class="nestedTileSec nestedTile-parsys rightAlign small"> <div id="nested-tile-container-65648a9603" class="cmp-container"> <div class="link-area"> <div class="cmp-link-area cmp-link-area--regular " data-analytics-category="Link Area"> <p class="cmp-link-area__header"> How EY-Parthenon can Help </p> <div> <ul class="cmp-link-area__regular "> <li class="cmp-link-area__item "> <div class="cmp-link-area__wrapper"> <p class="cmp-link-area__item--title"> <a data-analytics-link-click data-analytics-event-label="linkAreaHeader-EY-Parthenon-How EY-Parthenon can Help" data-analytics-action-value="Strategy, transaction and transformation consulting" href="/en_gl/services/strategy-transactions/transformation-consulting"> Strategy, transaction and transformation consulting </a> </p> </div> <p class="cmp-link-area__item__paragraph">EY and EY-Parthenon can help you devise a strategy to realize your ambition: powered by technology, shaped by your portfolio and executed by transformation. </p> <a class="cmp-link-area__item__readmore" href="/en_gl/services/strategy-transactions/transformation-consulting"> Read more </a> </li> </ul> </div> </div> </div> </div> </div> <div class="richText-content cmp-text nested-tile--georgia-font"> <p>In the long run, the potential upside to global GDP from greater capital investment could be quite significant. How significant? Factoring stronger investment in Europe, Japan and China and slower investment across emerging markets, we estimate a boost to potential GDP growth worth between 0.5% and 1% by 2033, representing between US$500b and US$1t.</p> </div> </div> </div> <div class="container responsivegrid aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"> <div id="container-df513bf42d" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="upHtmlApp component aem-GridColumn aem-GridColumn--default--8"><div data-up-is="html-app" class="up-html-app"> <div class="flourish-embed flourish-cards" data-src="visualisation/17023830?38625"><script src="https://public.flourish.studio/resources/embed.js"></script></div> </div> </div> </div> </div> </div> <div class="upArticleReference component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--offset--default--0"><span class="up-article-reference" data-up-is="article-reference" data-up-analytics="article-reference" data-analytics-page-title="Economic growth through capital investment in GenAI | EY - Global" data-up-is-expanded="false"> <button id="article-reference-heading" class="up-article-reference__heading" data-up-hook-article-reference="heading" aria-controls="article-reference-content" aria-expanded="false" role="button"> <span class="up-article-reference__heading-opened">Open image description </span> <span class="up-article-reference__heading-closed">Close image description </span> </button> <div id="article-reference-content" class="up-article-reference__content" data-up-hook-article-reference="content" role="region" aria-labelledby="article-reference-heading" aria-hidden="true" inert> <span>This second “capital contribution to real potential GDP growth” chart shows three future time periods: 2020-2025; 2025-2030 and 2030 -2035. The data shows three scenarios: trend, baseline and optimistic. “Trend” refers to trend growth around 8.5% per annum in investment categories where GenAI will be most significantly captured. “Baseline” assumes business investment is 25% faster than trend growth. And “optimistic” assumes business investment is 50% faster than trend growth. Data from this chart is discussed in the article.</span> </div> </span> <br/> </div> <div class="upAccordion component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"> <div id="accordion-d0f884d9cd" class="up-accordion" data-up-is="accordion" data-up-single-expansion data-placeholder-text="false"> <ul class="up-accordion__list"> <li data-up-hook-accordion="[items]" id="accordion-d0f884d9cd-item-d4e787fbb0" class="up-accordion__item"> <h2 class="up-accordion__header"> <button id="accordion-d0f884d9cd-item-d4e787fbb0-button" class="up-accordion__header-button" aria-controls="accordion-d0f884d9cd-item-d4e787fbb0-panel" aria-expanded="false" data-up-hook-accordion="[buttons]"> <span class="up-accordion__header-button-title">Breakdown of AI capital investment across sectors</span> <span class="up-accordion__header-button-icon"> </span> </button> </h2> <div data-up-hook-accordion="[panels]" id="accordion-d0f884d9cd-item-d4e787fbb0-panel" class="up-accordion__panel" role="region" aria-labelledby="accordion-d0f884d9cd-item-d4e787fbb0-button" aria-hidden="true" inert><div class="container responsivegrid"> <div id="container-d4e787fbb0" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="rich-text text aem-GridColumn aem-GridColumn--default--8"><div data-cmp-data-layer="{"rich-text-c0348b5da4":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:05:41Z","xdm:text":"<p><span class=\"copy-block\">When thinking about the sector-specific benefits from the GenAI revolution, we often omit the investments that may be required to shift how industries operate. By fostering innovation, enhancing productivity and creating new markets and opportunities, the capital investments described above may be instrumental in driving potential GDP growth.</span></p>\r\n<p><span class=\"copy-block\">Retail sector:<br>\r\n AI's role in retail is multifaceted, ranging from personalized shopping experiences to inventory management. Capital investments in AI can enable retailers to better understand consumer behavior, optimize supply chains and enhance customer service, leading to increased sales and market expansion. This sectoral growth is a key contributor to overall economic development because it could boost retail sector productivity while also stimulating consumer spending, a major component of GDP.</span></p>\r\n<p><span class=\"copy-block\">Health care sector:<br>\r\n Investment in AI within health care is revolutionizing patient care and medical research. AI-driven tools are being used to enhance diagnostic precision, streamline patient treatment plans and personalize health care services. This not only can improve health outcomes but also helps optimize resource utilization, thereby reducing costs and contributing to economic growth. Additionally, AI in health care is spearheading innovations in drug discovery and disease prediction, opening new markets and avenues for growth.</span></p>\r\n<p><span class=\"copy-block\">Automotive industry:<br>\r\n The automotive sector’s investment in AI is pivotal in advancing the development of autonomous vehicles. This will not only transforms the concept of transportation but also can stimulate investment in adjacent industries like logistics and urban planning. The ripple effects of such advancements could contribute significantly to GDP growth by fostering new business models, enhancing supply chain efficiencies and creating demand in related sectors such as sensor manufacturing and AI-driven navigation systems.</span></p>\r\n<p><span class=\"copy-block\">Manufacturing industry:<br>\r\n In manufacturing, AI investment focuses on automation, predictive maintenance and supply chain enhancement. This not only can increase production efficiency but could also improve product quality, reduction of waste and operational costs. The resultant increase in competitiveness and productivity of the manufacturing sector could significantly contribute to GDP growth, while also fostering an ecosystem of innovation and technological advancement.</span></p>\r\n<p><span class=\"copy-block\">Financial services:<br>\r\n AI investments in financial services are reshaping banking, insurance and investment sectors through enhanced risk assessment, fraud detection and personalized financial planning services. This could increase the efficiency and resilience of financial systems, thereby supporting economic stability and growth.</span></p>\r\n<p><span class=\"copy-block\">Energy sector:<br>\r\n Investment in AI within the energy sector is pivotal in transforming how we generate, distribute and consume energy. AI technologies are being integrated to help optimize energy production, enhance grid management and facilitate the shift to renewable sources. Additionally, AI applications in predictive maintenance of infrastructure may further boost economic efficiency. The innovations driven by AI in the energy sector are crucial in supporting the transition to a low-carbon economy, thereby promoting sustainable economic development.</span></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block">When thinking about the sector-specific benefits from the GenAI revolution, we often omit the investments that may be required to shift how industries operate. By fostering innovation, enhancing productivity and creating new markets and opportunities, the capital investments described above may be instrumental in driving potential GDP growth.</span></p> <p><span class="copy-block">Retail sector:<br /> AI's role in retail is multifaceted, ranging from personalized shopping experiences to inventory management. Capital investments in AI can enable retailers to better understand consumer behavior, optimize supply chains and enhance customer service, leading to increased sales and market expansion. This sectoral growth is a key contributor to overall economic development because it could boost retail sector productivity while also stimulating consumer spending, a major component of GDP.</span></p> <p><span class="copy-block">Health care sector:<br /> Investment in AI within health care is revolutionizing patient care and medical research. AI-driven tools are being used to enhance diagnostic precision, streamline patient treatment plans and personalize health care services. This not only can improve health outcomes but also helps optimize resource utilization, thereby reducing costs and contributing to economic growth. Additionally, AI in health care is spearheading innovations in drug discovery and disease prediction, opening new markets and avenues for growth.</span></p> <p><span class="copy-block">Automotive industry:<br /> The automotive sector’s investment in AI is pivotal in advancing the development of autonomous vehicles. This will not only transforms the concept of transportation but also can stimulate investment in adjacent industries like logistics and urban planning. The ripple effects of such advancements could contribute significantly to GDP growth by fostering new business models, enhancing supply chain efficiencies and creating demand in related sectors such as sensor manufacturing and AI-driven navigation systems.</span></p> <p><span class="copy-block">Manufacturing industry:<br /> In manufacturing, AI investment focuses on automation, predictive maintenance and supply chain enhancement. This not only can increase production efficiency but could also improve product quality, reduction of waste and operational costs. The resultant increase in competitiveness and productivity of the manufacturing sector could significantly contribute to GDP growth, while also fostering an ecosystem of innovation and technological advancement.</span></p> <p><span class="copy-block">Financial services:<br /> AI investments in financial services are reshaping banking, insurance and investment sectors through enhanced risk assessment, fraud detection and personalized financial planning services. This could increase the efficiency and resilience of financial systems, thereby supporting economic stability and growth.</span></p> <p><span class="copy-block">Energy sector:<br /> Investment in AI within the energy sector is pivotal in transforming how we generate, distribute and consume energy. AI technologies are being integrated to help optimize energy production, enhance grid management and facilitate the shift to renewable sources. Additionally, AI applications in predictive maintenance of infrastructure may further boost economic efficiency. The innovations driven by AI in the energy sector are crucial in supporting the transition to a low-carbon economy, thereby promoting sustainable economic development.</span></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </li> </ul> </div> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"><div data-cmp-data-layer="{"rich-text-513f6ab921":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:07:29Z","xdm:text":"<h3><span class=\"copy-block\">Five recommendations for business leaders</span></h3>\r\n<p><span class=\"copy-block\">By focusing on the following areas, stakeholders can better navigate the complexities of AI capital investments and harness their full potential to drive meaningful business transformation.</span></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h3><span class="copy-block">Five recommendations for business leaders</span></h3> <p><span class="copy-block">By focusing on the following areas, stakeholders can better navigate the complexities of AI capital investments and harness their full potential to drive meaningful business transformation.</span></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="upAccordion component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--default--2"> <div id="accordion-b5c4dc06d9" class="up-accordion" data-up-is="accordion" data-placeholder-text="false"> <ul class="up-accordion__list"> <li data-up-hook-accordion="[items]" id="accordion-b5c4dc06d9-item-cdd4a4ef7d" class="up-accordion__item"> <h2 class="up-accordion__header"> <button id="accordion-b5c4dc06d9-item-cdd4a4ef7d-button" class="up-accordion__header-button" aria-controls="accordion-b5c4dc06d9-item-cdd4a4ef7d-panel" aria-expanded="false" data-up-hook-accordion="[buttons]"> <span class="up-accordion__header-button-title">Strategic alignment with business goals</span> <span class="up-accordion__header-button-icon"> </span> </button> </h2> <div data-up-hook-accordion="[panels]" id="accordion-b5c4dc06d9-item-cdd4a4ef7d-panel" class="up-accordion__panel" role="region" aria-labelledby="accordion-b5c4dc06d9-item-cdd4a4ef7d-button" aria-hidden="true" inert><div class="container responsivegrid"> <div id="container-cdd4a4ef7d" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="rich-text text aem-GridColumn aem-GridColumn--default--8"><div data-cmp-data-layer="{"rich-text-20629c0c2a":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:09:45Z","xdm:text":"<ul>\r\n<li><span class=\"copy-block\">Insight: It’s essential for AI investments to be closely aligned with the overarching business goals and objectives. This alignment helps ensure that AI initiatives directly contribute to the company’s strategic priorities, whether it's improving customer experience, optimizing operational efficiency or driving innovation.</span></li>\r\n<li><span class=\"copy-block\">Recommendation: Conduct a thorough analysis to understand how AI can address specific business challenges or opportunities. Establish clear KPIs to measure the impact of AI initiatives on business outcomes.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <ul><li><span class="copy-block">Insight: It’s essential for AI investments to be closely aligned with the overarching business goals and objectives. This alignment helps ensure that AI initiatives directly contribute to the company’s strategic priorities, whether it's improving customer experience, optimizing operational efficiency or driving innovation.</span></li><li><span class="copy-block">Recommendation: Conduct a thorough analysis to understand how AI can address specific business challenges or opportunities. Establish clear KPIs to measure the impact of AI initiatives on business outcomes.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </li> <li data-up-hook-accordion="[items]" id="accordion-b5c4dc06d9-item-e388c0fbbb" class="up-accordion__item"> <h2 class="up-accordion__header"> <button id="accordion-b5c4dc06d9-item-e388c0fbbb-button" class="up-accordion__header-button" aria-controls="accordion-b5c4dc06d9-item-e388c0fbbb-panel" aria-expanded="false" data-up-hook-accordion="[buttons]"> <span class="up-accordion__header-button-title">Leveraging data as a strategic asset</span> <span class="up-accordion__header-button-icon"> </span> </button> </h2> <div data-up-hook-accordion="[panels]" id="accordion-b5c4dc06d9-item-e388c0fbbb-panel" class="up-accordion__panel" role="region" aria-labelledby="accordion-b5c4dc06d9-item-e388c0fbbb-button" aria-hidden="true" inert><div class="container responsivegrid"> <div id="container-e388c0fbbb" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="rich-text text aem-GridColumn aem-GridColumn--default--8"><div data-cmp-data-layer="{"rich-text-735106c7b5":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:11:23Z","xdm:text":"<ul>\r\n<li><span class=\"copy-block\">Insight: High-quality, relevant data is the fuel that powers AI systems. The ability of a business to collect, process and analyze data effectively is a critical determinant of AI success.</span></li>\r\n<li><span class=\"copy-block\">Recommendation: Prioritize the establishment of a robust data infrastructure and governance model. This may help ensure data quality, accessibility and scalability to support AI initiatives.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <ul><li><span class="copy-block">Insight: High-quality, relevant data is the fuel that powers AI systems. The ability of a business to collect, process and analyze data effectively is a critical determinant of AI success.</span></li><li><span class="copy-block">Recommendation: Prioritize the establishment of a robust data infrastructure and governance model. This may help ensure data quality, accessibility and scalability to support AI initiatives.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </li> <li data-up-hook-accordion="[items]" id="accordion-b5c4dc06d9-item-568dd2d2e3" class="up-accordion__item"> <h2 class="up-accordion__header"> <button id="accordion-b5c4dc06d9-item-568dd2d2e3-button" class="up-accordion__header-button" aria-controls="accordion-b5c4dc06d9-item-568dd2d2e3-panel" aria-expanded="false" data-up-hook-accordion="[buttons]"> <span class="up-accordion__header-button-title">Acquiring the right talent and partnering</span> <span class="up-accordion__header-button-icon"> </span> </button> </h2> <div data-up-hook-accordion="[panels]" id="accordion-b5c4dc06d9-item-568dd2d2e3-panel" class="up-accordion__panel" role="region" aria-labelledby="accordion-b5c4dc06d9-item-568dd2d2e3-button" aria-hidden="true" inert><div class="container responsivegrid"> <div id="container-568dd2d2e3" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="rich-text text aem-GridColumn aem-GridColumn--default--8"><div data-cmp-data-layer="{"rich-text-d2de8a89f7":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:12:56Z","xdm:text":"<ul>\r\n<li><span class=\"copy-block\">Insight: Successful AI implementation may require a combination of the right talent, including data scientists, AI engineers and domain experts.</span></li>\r\n<li><span class=\"copy-block\">Recommendation: Invest in building internal AI capabilities and work with organizations that can bring the necessary professional skills and knowledge. Continuous training and development programs are crucial to keep the team up to date with the latest AI advancements.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <ul><li><span class="copy-block">Insight: Successful AI implementation may require a combination of the right talent, including data scientists, AI engineers and domain experts.</span></li><li><span class="copy-block">Recommendation: Invest in building internal AI capabilities and work with organizations that can bring the necessary professional skills and knowledge. Continuous training and development programs are crucial to keep the team up to date with the latest AI advancements.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </li> <li data-up-hook-accordion="[items]" id="accordion-b5c4dc06d9-item-a13992b9ad" class="up-accordion__item"> <h2 class="up-accordion__header"> <button id="accordion-b5c4dc06d9-item-a13992b9ad-button" class="up-accordion__header-button" aria-controls="accordion-b5c4dc06d9-item-a13992b9ad-panel" aria-expanded="false" data-up-hook-accordion="[buttons]"> <span class="up-accordion__header-button-title">Fostering a culture of innovation and adaptability</span> <span class="up-accordion__header-button-icon"> </span> </button> </h2> <div data-up-hook-accordion="[panels]" id="accordion-b5c4dc06d9-item-a13992b9ad-panel" class="up-accordion__panel" role="region" aria-labelledby="accordion-b5c4dc06d9-item-a13992b9ad-button" aria-hidden="true" inert><div class="container responsivegrid"> <div id="container-a13992b9ad" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="rich-text text aem-GridColumn aem-GridColumn--default--8"><div data-cmp-data-layer="{"rich-text-6ece091e37":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:14:07Z","xdm:text":"<ul>\r\n<li><span class=\"copy-block\">Insight: The fast-evolving nature of AI technology makes it essential for businesses to be agile and adaptable.&nbsp;</span></li>\r\n<li><span class=\"copy-block\">Recommendation: Encourage a culture of innovation where experimentation with AI is supported. This involves fostering an environment where learning from failures is seen as a stepping-stone to innovation, and where employees are encouraged to think creatively about applying AI to solve business problems.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <ul><li><span class="copy-block">Insight: The fast-evolving nature of AI technology makes it essential for businesses to be agile and adaptable. </span></li><li><span class="copy-block">Recommendation: Encourage a culture of innovation where experimentation with AI is supported. This involves fostering an environment where learning from failures is seen as a stepping-stone to innovation, and where employees are encouraged to think creatively about applying AI to solve business problems.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </li> <li data-up-hook-accordion="[items]" id="accordion-b5c4dc06d9-item-0452790515" class="up-accordion__item"> <h2 class="up-accordion__header"> <button id="accordion-b5c4dc06d9-item-0452790515-button" class="up-accordion__header-button" aria-controls="accordion-b5c4dc06d9-item-0452790515-panel" aria-expanded="false" data-up-hook-accordion="[buttons]"> <span class="up-accordion__header-button-title">Understanding and managing risks</span> <span class="up-accordion__header-button-icon"> </span> </button> </h2> <div data-up-hook-accordion="[panels]" id="accordion-b5c4dc06d9-item-0452790515-panel" class="up-accordion__panel" role="region" aria-labelledby="accordion-b5c4dc06d9-item-0452790515-button" aria-hidden="true" inert><div class="container responsivegrid"> <div id="container-0452790515" class="cmp-container"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 "> <div class="rich-text text aem-GridColumn aem-GridColumn--default--8"><div data-cmp-data-layer="{"rich-text-fe47761e73":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-13T12:16:41Z","xdm:text":"<ul>\r\n<li><span class=\"copy-block\">Insight: AI projects come with their own set of risks, including data privacy concerns, ethical considerations and potential biases in AI models.</span></li>\r\n<li><span class=\"copy-block\">Recommendation: Develop a robust risk management framework that addresses these challenges. This includes investing in data security, helping ensure compliance with relevant regulations and implementing ethical AI practices. But for large-scale transformation to happen, businesses may need to make significant upfront investment in physical, digital and human capital to acquire and implement new technologies and reshape business processes.</span></li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <ul><li><span class="copy-block">Insight: AI projects come with their own set of risks, including data privacy concerns, ethical considerations and potential biases in AI models.</span></li><li><span class="copy-block">Recommendation: Develop a robust risk management framework that addresses these challenges. This includes investing in data security, helping ensure compliance with relevant regulations and implementing ethical AI practices. But for large-scale transformation to happen, businesses may need to make significant upfront investment in physical, digital and human capital to acquire and implement new technologies and reshape business processes.</span></li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </li> </ul> </div> </div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn--tablet-landscape--12 aem-GridColumn--tablet-portrait--none aem-GridColumn--offset--tablet-portrait--0 aem-GridColumn--offset--default--2 aem-GridColumn--offset--mobile--0 aem-GridColumn--tablet-portrait--12 aem-GridColumn--mobile--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--tablet-landscape--none aem-GridColumn--offset--tablet-landscape--0 aem-GridColumn--mobile--12"><div data-cmp-data-layer="{"rich-text-e14c930e82":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-03-18T11:35:49Z","xdm:text":"<h4><span class=\"copy-block\">Summary</span></h4>\r\n<p><span class=\"copy-block\">This is the second installment of the EY-Parthenon macroeconomic article series on the economic impact of AI. The series aims to provide insights on the economic potential of GenAI, including new developments and actionable insights to arm companies’ decision-makers. The second article in this series covers the realm of capital investment in GenAI. Additional articles in the series will be published in the coming months.</span></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h4><span class="copy-block">Summary</span></h4> <p><span class="copy-block">This is the second installment of the EY-Parthenon macroeconomic article series on the economic impact of AI. The series aims to provide insights on the economic potential of GenAI, including new developments and actionable insights to arm companies’ decision-makers. The second article in this series covers the realm of capital investment in GenAI. Additional articles in the series will be published in the coming months.</span></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="container responsivegrid cmp-layout-fixedWidth aem-GridColumn aem-GridColumn--default--12"> <div id="container-e62f019dfb" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="upContentGrid component aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--offset--default--0"><div> <div class="up-content-grid up-content-grid--default" id="up-content-grid-69e979dc11" data-up-is="content-grid" data-up-analytics="content-grid" data-up-total-item-count="3"> <h2 class="up-content-grid__title">Related article</h2> <div class="up-content-grid__list" data-up-hook-content-grid="list"> <div class="up-content-grid__list-item " data-up-hook-content-grid="[listItem]"> <a class="up-content-grid__list-item-image-link" aria-hidden="true" href="/en_gl/insights/ai/tech-disruptions-can-inform-the-economic-impact-of-ai" tabindex="-1"> <img class="up-content-grid__list-item-image" src="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-architect-team-collaborating-with-tech.jpg" srcset="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-architect-team-collaborating-with-tech.jpg.transform/up-img-width-small-screen/img.jpg 1x,/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-architect-team-collaborating-with-tech.jpg.transform/up-img-width-large-screen/img.jpg 2x,/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-architect-team-collaborating-with-tech.jpg.transform/up-img-width-xlarge-screen/img.jpg 3x" alt="EY architect team collaborating with tech"/> </a> <div class="up-content-grid__list-item-details"> <p class="up-content-grid__list-item-title"> <a class="up-content-grid__list-item-title-link" href="/en_gl/insights/ai/tech-disruptions-can-inform-the-economic-impact-of-ai">Tech disruptions can inform the economic impact of AI</a> </p> <p class="up-content-grid__list-item-description"> Discover learnings from three key historical episodes of rapid technological change that may help predict the economic impact of AI. </p> <i class="up-content-grid__list-item-event-icon" aria-hidden="true"></i> <div class="up-content-grid__list-item-tagline"> <template data-up-hook-content-grid="[userFacingDateTemplate]"> <div data-up-translation-localtime-label="your local time" data-up-date-user="2024-02-29T00:00:00.000Z"></div> </template> <span data-up-hook-content-grid="userFacingDate" class="up-content-grid__list-item-tagline-publish-date"></span> <a class="up-content-grid__list-item-tagline-author-link" href="/en_gl/people/lydia-boussour">Lydia Boussour</a> </div> </div> </div> <div class="up-content-grid__list-item " data-up-hook-content-grid="[listItem]"> <a class="up-content-grid__list-item-image-link" aria-hidden="true" href="/en_gl/insights/ai/the-productivity-potential-of-gen-ai" tabindex="-1"> <img class="up-content-grid__list-item-image" src="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-business-people-meeting-discussion-working-office.jpg" srcset="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-business-people-meeting-discussion-working-office.jpg.transform/up-img-width-small-screen/img.jpg 1x,/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-business-people-meeting-discussion-working-office.jpg.transform/up-img-width-large-screen/img.jpg 2x,/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-business-people-meeting-discussion-working-office.jpg.transform/up-img-width-xlarge-screen/img.jpg 3x" alt="Business people working in office"/> </a> <div class="up-content-grid__list-item-details"> <p class="up-content-grid__list-item-title"> <a class="up-content-grid__list-item-title-link" href="/en_gl/insights/ai/the-productivity-potential-of-gen-ai">Harness the productivity potential of GenAI</a> </p> <p class="up-content-grid__list-item-description"> Explore the likelihood of future substantial productivity gains from the use of generative AI across sectors. 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src="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-ai-abstract-crowds-of-people-with-virtual-reality-street-display-new-v3.jpg" srcset="/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-ai-abstract-crowds-of-people-with-virtual-reality-street-display-new-v3.jpg.transform/up-img-width-small-screen/img.jpg 1x,/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-ai-abstract-crowds-of-people-with-virtual-reality-street-display-new-v3.jpg.transform/up-img-width-large-screen/img.jpg 2x,/content/dam/ey-unified-site/ey-com/en-gl/insights/ai/images/ey-ai-abstract-crowds-of-people-with-virtual-reality-street-display-new-v3.jpg.transform/up-img-width-xlarge-screen/img.jpg 3x" alt=" Abstract crowds of people with virtual reality street display meta data image"/> </a> <div class="up-content-grid__list-item-details"> <p class="up-content-grid__list-item-title"> <a class="up-content-grid__list-item-title-link" href="/en_gl/insights/ai/five-generative-ai-initiatives-leaders-should-pursue-now">Five generative AI initiatives leaders should pursue now</a> </p> <p class="up-content-grid__list-item-description"> Learn how to move beyond quick efficiency gains to a cohesive AI strategy that maximizes your growth potential in a fast-changing space. </p> <i class="up-content-grid__list-item-event-icon" aria-hidden="true"></i> <div class="up-content-grid__list-item-tagline"> <template data-up-hook-content-grid="[userFacingDateTemplate]"> <div data-up-translation-localtime-label="your local time" data-up-date-user="2023-10-05T00:00:00.000Z"></div> </template> <span data-up-hook-content-grid="userFacingDate" class="up-content-grid__list-item-tagline-publish-date"></span> <a class="up-content-grid__list-item-tagline-author-link" href="/en_gl/people/dan-diasio">Dan Diasio</a> <span class="up-content-grid__list-item-tagline-authors-count" title="GautamJaggi">+ 1</span> </div> </div> </div> </div> <div class="up-content-grid__pagination" data-up-hook-content-grid="pagination"> <button class="up-content-grid__pagination-previous" data-up-hook-content-grid="paginationPrevious"> <i class="up-content-grid__pagination-previous-icon" aria-hidden="true"></i> <span class="up-content-grid__pagination-previous-label">Previous</span> </button> <ul class="up-content-grid__pagination-list" data-up-hook-content-grid="paginationList"></ul> <button class="up-content-grid__pagination-next" data-up-hook-content-grid="paginationNext"> <i class="up-content-grid__pagination-next-icon" aria-hidden="true"> </i> <span class="up-content-grid__pagination-next-label">Next</span> </button> </div> <template data-up-hook-content-grid="paginationListItemTemplate"> <li class="up-content-grid__pagination-list-item" data-up-aria-label-selected-page="Current Selection page {0} button" data-up-aria-label="Switch to page {0}"> <button class="up-content-grid__pagination-list-item-button" 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class="up-authors-and-contributors__authors-and-contributors-container"> <div class="up-authors-and-contributors__authors-container"> <div class="up-authors-and-contributors__author-link-wrapper" data-up-hook-authors-and-contributors="cta"> <figure class="up-authors-and-contributors__author-link-content"> <div class="up-authors-and-contributors__author-image-link-wrapper cmp-image"> <img class="cmp-image__image" src="/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/g/ey-gregory-daco-meta.jpg" srcset="/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/g/ey-gregory-daco-meta.jpg.transform/up-authors-and-contributors-150/img.jpg 1x,/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/g/ey-gregory-daco-meta.jpg.transform/up-authors-and-contributors-250/img.jpg 2x,/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/g/ey-gregory-daco-meta.jpg.transform/up-authors-and-contributors-450/img.jpg 3x"/> </div> <div> <a href="/en_gl/people/gregory-daco" data-up-hook-authors-and-contributors="authorlink" class="up-authors-and-contributors__author-name-container up-authors-and-contributors__analytics-author-link"> Gregory Daco </a> <div class="up-authors-and-contributors__author-title"> EY-Parthenon Chief Economist, Strategy and Transactions, Ernst & Young LLP </div> <div class="up-authors-and-contributors__author-title-introductory-text"> Inclusive leader. Passionate about how economics can help organizations navigate an uncertain world. Husband and dad. Judo black belt, competitive triathlete and avid traveler. </div> </div> </figure> </div> </div> </div> <div class="up-authors-and-contributors__tags-and-social-container"> <div class="up-authors-and-contributors__article-tags-container"> <div class="related-topics surfaceTags"> <div data-cmp-data-layer="{"surfaceTags-649bbb1628":{"@type":"ey-unified-site/components/surfaceTags"}}" data-analytics-category="Surface Tags" class="up-surface-tags"> <span class="up-surface-tags__topic-title" data-analytics-label> Related topics </span> <div class="up-surface-tags__topic-items"> <div class="up-surface-tags__topic-items-item"> <a class="cmp-button" data-analytics-link-click href="/en_gl/services/ai"> <span data-analytics-action-value class="cmp-button__text">AI</span> </a> </div> <div class="up-surface-tags__topic-items-item"> <a class="cmp-button" data-analytics-link-click href="/en_gl/services/strategy-transactions"> <span data-analytics-action-value class="cmp-button__text">Strategy and 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Economic growth through capital investment in GenAI | EY - Global