Bank of America Says That Artificial Intelligence Is “The New Electricity”
by Matthew Gilligan
Artificial Intelligence (AI) is all the rage lately and it doesn’t seem to be slowing down one bit.
And, while different companies have reacted in different ways to AI and what it potentially means for our future, Bank of America seems to be clearly on the side of the burgeoning technology.
In a note to clients, Bank of America equity strategist named Haim Israel said,
“We are at a defining moment — like the internet in the ’90s — where Artificial Intelligence (AI) is moving towards mass adoption with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution.”
Israel went on to add,
“If data is the new oil, then AI is the new electricity.”
But not every financial institution is on the side of AI.
JP Morgan recently banned employees from using ChatGPT while at work because of “compliance concerns.”
And analysts at Morgan Stanley wrote,
“When we talk of high-accuracy task, it is worth mentioning that ChatGPT sometimes hallucinates and can generate answers that are seemingly convincing, but are actually wrong.”
So it seems like every industry out there is divided right now on the advantages and disadvantages of AI.
This new technology doesn’t seem to be going anywhere anytime soon, so let’s all keep an eye on this controversial subject!