Productivity gains driven by artificial intelligence is a real source of optimism for future earnings growth among S&P 500 companies, Goldman Sachs says.
"Over the next 10 years, AI could increase productivity by 1.5% per year. And that could increase S&P500 profits by 30% or more over the next decade," Goldman Sach's senior strategist Ben Snider told CNBC Thursday.
Snider recommended that investors should spread their U.S. equity investments in cyclical and defensive sectors, touting the energy and the health-care sectors for their attractive valuations.Over the next 10 years, AI could increase productivity by 1.5 percent per year. And that could increase S&P500 profits by 30 percent or more over the next decade, Goldman Sachs says.
The emergence of ChatGPT, the chatbot developed by OpenAI, has spurred a firestorm of interest in AI and the possible disruptions to the daily lives of many. It has also injected fresh excitement among investors eager for a fresh driver of profit growth at a time when rising borrowing costs and supply chain problems have tempered optimism.
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