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| Generative AI, led by ChatGPT, Set to Catapult Side Hustles into a $1.4 Trillion Industry, Morgan Stanley Predicts |
Morgan Stanley: Generative AI, such as ChatGPT, Poised to Elevate Side Hustles to a $1.4 Trillion Industry
Morgan Stanley has set its sights on a transformative future for the side hustle economy, projecting that generative AI programs like ChatGPT could propel it into a $1.4 trillion behemoth. In a recent thematic investing research note, the financial institution highlighted the tremendous potential of this technology to substantially augment the earnings of multi-earners.
Contrary to expectations that gig work and employee bargaining power would wane in the post-Covid era, Morgan Stanley asserts that multi-earning is emerging as a secular growth trend, with generative AI as the distinguishing factor. Equity strategist Edward Stanley led a team at the bank in making this assertion, emphasizing that generative AI could play a pivotal role in reshaping this segment of the economy.
Morgan Stanley's analysis suggests that generative AI has the capacity to bolster the income of gig workers by a significant margin. In its base-case scenario, the bank predicts a boost of $83 billion, equivalent to a 21% increase, with an even more bullish projection of $300 billion. In support of these projections, Morgan Stanley conducted a survey among gig workers, revealing that 92% of content creators and 88% of e-commerce sellers reported an upswing in their monthly income thanks to generative AI technology.
The research note showcased a few real-world examples illustrating how multi-earners are harnessing generative AI to enhance their financial prospects. Among them is a user named Leonardo Sousa, who utilized ChatGPT to devise strategies for turning a mere $100 into a substantially larger sum.
This is not the first time that Morgan Stanley has championed the potential of AI to drive significant economic growth. In April, the bank asserted that AI had the power to revolutionize online search, e-commerce, and content creation, potentially unlocking a staggering $6 trillion in investment opportunities.
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