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• The emergence of consumer-facing generative AI tools in late 2022 and early 2023 has radically shifted public conversation around the power and potential of AI.
• The impact of generative AI on economies and enterprise will be revolutionary, with McKinsey Global Institute estimates that it will add between $2.6 and $4.4 trillion in annual value to the global economy, increasing the economic impact of AI by 15 to 40%.
• The consultancy projects that AI will automate half of all work between 2040 and 2060, with generative AI pushing that window a decade earlier than previous estimates.
• Goldman Sachs predicts a 7%—or nearly $7 trillion—increase in global GDP attributable to generative AI, and the firm expects that two-thirds of U.S. occupations will be affected by AI-powered automation.
• Text-generating AI systems, such as ChatGPT, are built on large language models (LLMs) that train on a vast corpus of data to answer questions or perform tasks based on statistical likelihoods.
• This new ability to predict the most likely next action allows for a more comprehensive understanding of AI and its potential applications in various industries.

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