In a new report, Google parent company Alphabet (GOOGL) says that artificial intelligence (A.I.) could add $210 billion to Canada’s economy.
The new “Economic Impact Report” says that generative A.I. could add 8% of gross value to Canada while also saving the average Canadian worker 100 hours a year of labour.
The report adds that Canada is well-positioned to take advantage of the boom in artificial intelligence because of its technology workforce, noting that Montreal has a high concentration of A.I. researchers.
Alphabet recently expanded its A.I. chatbot called “Bard,” which is now available in 230 countries, although Canada is not one of them.
The bullish outlook from Alphabet contradicts other findings that show A.I. adoption lagging in Canada.
A report this year from Toronto Metropolitan University found that only 4% of Canadian businesses are using A.I. technologies. There are also concerns that A.I. will lead to job losses.
Alphabet has said that while A.I. can streamline business operations and boost productivity, it doesn’t believe the technology will lead to massive job cuts as some analysts predict.
The stock of Alphabet has risen 32% over the past year to $128.56 U.S. per share.
Tech Insider
