2023-08-03 12:08:26 ET
Wells Fargo predicted Thursday that artificial intelligence could become a critical driver of productivity and growth across the global economy.
“Artificial intelligence is one of the most, if not the most, important technological revolutions in recent memory,” Wells Fargo stated in a note to its clients.
"In short, the promise of artificial intelligence is its potential to significantly raise productivity growth and, by extension, living standards. However, generative AI could potentially have profound effects on the labor market," the firm added.
Wells Fargo went on to outline that much like the widespread adoption of the internet and use of computers that occurred during the 1990s, generative AI has the potential to lead to a marked acceleration in total factor productivity.
For investors that want to follow the AI trend, they can look to analyze these exchange traded funds related to the sector:
- GX Artificial Intelligence & Tech ETF ( NASDAQ: AIQ )
- GX Robotics & Artificial Intelligence ETF ( NASDAQ: BOTZ )
- ALPS Disruptive Technologies ETF ( DTEC )
- Goldman Sachs Innovate Equity ETF ( GINN )
- iShares Robotics and Artificial Intelligence Multisector ETF ( IRBO )
- Artificial Intelligence and Robotics ETF ( NASDAQ: ROBT )
- iShares U.S. Tech Breakthrough Multisector ETF ( TECB )
- iShares Exponential Technologies ETF ( XT )
- Robo Global Artificial Intelligence ETF ( THNQ )
- Roundhill Generative AI & Technology ETF ( CHAT ) ( Recently launched on May 18 )
More on Artificial Intelligence:
- Look at free cash flow when evaluating AI companies - Citi
- BlackRock says AI has room to run but investors should remain selective
- Global X sees reasons for optimism in H2, cites AI as a growth engine
- BofA takes neutral view on AI ETFs, weighing growth potential vs. near-term headwinds
For further details see:
Wells Fargo touts AI as among the most important tech revolutions 'in recent memory'