AI's Trillion Dollar Economic Boost 📈

Featuring McKinsey's AI Forecast, Mercedes-Benz Integrating ChatGPT, AI-Powered Shoes and More.

Author

Ghost
June 16, 2023

Good morning and happy Friday, AI explorers!

Welcome to another edition of AI Authority, delivering all of the top groundbreaking AI news shaping our world into a bite-sized newsletter every weekday morning.

As always, we’ve got one daily AI headline, two exciting tools, and three pieces of content we love from the community for you today.

In this edition:

✍️ News: McKinsey’s Trillion Dollar Economic AI Forecast
🛠️ Tools: Rows, AI Voices from Cohesive
🎨 Creator Corner: TikTok’s AI Filters, Beatles Songs As Movie Posters, AI-Powered Shoes

Let’s dive in 👇

P.S. — We added a few new sections to our website to keep you even more informed on the latest in AI:

  • Daily News Report — never miss a moment of the action with a roundup of all our Twitter posts.

  • AI Community — a curated list of all the top creators in the space, including resources for ChatGPT, Midjourney, and other great newsletters to check out.

One top headline in the AI space to know:

📈 McKinsey — Generative AI A Trillion-Dollar Economy Boost

Generative AI tools are gearing up to supercharge the global economy by potentially adding trillions of dollars annually — and now we’ve got some rough numbers to back it up.

A new report from consulting giant McKinsey & Company found that the use of generative AI in just 63 applications studied could potentially increase global economic output by $2.6 trillion to $4.4 trillion. For context — that’s roughly the entire GDP of the United Kingdom in 2021!

The real kicker? Those figures could double if generative AI is integrated into a broader range of software tasks. McKinsey’s study found that the industries most likely to cash in on this AI revolution include banking, tech, and life sciences:

But the rise of AI isn't all about the money. McKinsey also highlights the importance of using AI responsibly — cautioning about potential concerns related to IP rights, reliability, privacy, and security.

And with generative AI expected to automate 60-70% of workers' time, there's no denying that the workforce will see significant shifts. Interestingly enough, higher-wage knowledge workers (traditionally thought to be safe from automation) are the ones most likely to see their work transformed by AI.

The full report is a 68-page beast — but full of some extremely interesting insights into our potential future. Check it out below!

Still hungry for more AI headlines? Some other news that caught our eye:

— ChatGPT Shines in Challenging Medical Cases (link)
— AI & Media Companies Negotiate Landmark News Content Deals (link)
— AI to Stop Water Pollution Before it Happens (link)
— Mercedes-Benz Adding ChatGPT to Cars For Voice Command (link)
— Bybit Plugs Into ChatGPT For AI-Powered Trading Tools (link)

Two AI-powered platforms to add to your toolbox:

  • Rows — Spreadsheets with AI functionality (link)

  • AI Voices from Cohesive — Generate top-quality spoken audio in any voice, style and language (link)

Three of our favorite tweets, threads, AI generations and more:

TikTok is leveling up its AI effect game:

Beatles songs, reimagined as movie posters. Via @spacecasetay:

Are you copping these AI-powered shoes?

See you next week!

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