HSBC's deep dive look at the good, the bad, and the ugly of AI
In its recent report, HSBC delved into the multifaceted impact of artificial intelligence on the economy, highlighting the promising advancements, as well as potential pitfalls and challenges that lie ahead.
One of the standout sectors is design and manufacturing, where AI is already being employed to optimize processes, reduce waste, and create innovative products. For instance, the Mercedes F1 team leveraged AI to design a rear suspension part in just 48 hours, a task that typically takes six weeks. “A wide-reaching piece of research from the IMF suggested that almost 40% of global employment is exposed to AI, with developed markets more exposed to the shock given the structure of the labour market,” HSBC noted.
“Of course, it’s probably still too early to know if the current period of AI excitement will end up the same way, given that we’re still at the very early stages of the hype and investments that could well come as a result of it,” HSBC writes. Moreover, the environmental impact of AI is another critical issue. The increased use of power-hungry AI tools is expected to drive up electricity demand, necessitating more innovations in energy technology to mitigate this growth.
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