It feels as though artificial intelligence is developing at a pace faster than any other technology in history. Large Language Models (LLMs) like ChatGPT allow users to search the web, seek advice on math or relationship problems, translate languages, simulate conversations, and generate human-like text for a myriad of purposes. The speed at which we've reached this level is unprecedented.

It is fair to say that, within the next few years, LLMs may surpass human-level intelligence and completely change our world as we know it. Imagine automation everywhere, including assistive robots and other technology in our homes. Artificial intelligence will be riddled throughout every aspect of our lives.

If you have any doubts about the reality of artificial intelligence, just take a look at the chart below. The extent of capital spending by the largest artificial intelligent companies is mind-blowing and set to grow even higher. For most countries, this amount of spending would be considered major economic stimulus. Obviously, these companies believe that artificial intelligence is the next Industrial Revolution. Our job is to try and stay ahead of it and participate where appropriate. It will be an interesting ride!!

I have also included a piece from our CIBC Economics team entitled “Trump's kryptonite”

As always, if you have any questions, please feel free to give us a call.

Have a great weekend.

Milan