Unlocking Economic Opportunity:A First Look at ChatGPT-Powered Productivity

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes that AI, particularly generative AI like ChatGPT, has the potential to significantly enhance productivity across various sectors, thereby expanding economic opportunities for a broader population [2][3][9] - The rapid adoption of ChatGPT indicates a transformative impact on productivity, with nearly 28% of employed US adults using it at work, a significant increase from 8% in 2023 [11][19] - The report highlights the need for equitable access to AI technologies to ensure that the benefits of productivity gains are widely shared [36][37] Summary by Sections Introduction - The report discusses the "productivity imperative" faced by the world, noting that US labor productivity growth averaged 1.5% per year during the 2010s, which is lower than previous economic booms [9] Adoption of ChatGPT - ChatGPT is noted as the fastest-adopted consumer technology, reaching 1 million users in five days and 100 million users in two months, indicating a significant acceleration compared to past technologies [11][16] - The report states that 2.5 billion messages are sent daily on ChatGPT globally, with 330 million of those in the US, showcasing its extensive use [14][15] Use Cases of ChatGPT - The primary use cases for ChatGPT among US users include learning and upskilling (20%), writing and communication (18%), and programming/data science (7%) [20][21] - Younger users, particularly those aged 18-34, represent a significant portion of ChatGPT users, suggesting long-term economic benefits as they integrate AI into their careers [22] Sector-Level Productivity Gains - In sectors such as legal services, AI tools have increased productivity by 34% to 140% across various workflows [28] - Customer support roles have seen a 14% productivity increase when using AI tools, particularly benefiting less-skilled workers [29] - In education, teachers reported saving nearly six hours per week through AI assistance, equating to six extra teaching weeks per year [32] Entrepreneurship and New Work - The report highlights that AI lowers the costs of starting a business and enables faster scaling, with 40% of small businesses currently using AI [33][34] - The emergence of new roles and sectors due to AI is anticipated, potentially leading to further economic growth [35] Conclusion - The report concludes that the use of ChatGPT is already broad and impactful, acting as a force multiplier for human capital and innovation [36]