BARCLAYS：从宏观到市场-人工智能将如何塑造资产格局

Special Report 1 May 2025 From macro to markets How AI will shape the asset landscape We examine the impact of large technological breakthroughs on productivity cycles, return on investment, capital share of income and growth, and the pattern of global diffusion of AI gains to draw expectations on equities, bonds and the dollar. Non-linear effects from technological progress: Adoption of new technologies is rarely linear. A period of slow initial progress is succeeded by an exponential phase of growth. Late ...