1、+GENERATIVE AI:Fall 2023For financial professional use only.Not for use with the public.OUTFRONTFINDING THE COMPETITIVE EDGE AMID CREATIVE DESTRUCTION2 GENERATIVE AI|PGIMThe rapid explosion of generative AI for general use has captured the global imagination with what the technology might enable.Its

2、 expected to have a profound impact on economic growth by exponentially increasing productivity.Thats because everything today from culture to consumer products is a product of intelligence.If the excitement around generative AI proves justified,it may unleash the biggest wave yet of what Joseph Sch

3、umpeter,the famed Austrian economist,termed“creative destruction.”AI innovation will refresh the economy by destroying traditional businesses,replacing them with something more productive.For investors,though,the key question is:If generative AI chatbots quickly commoditize intelligence,where will c

4、ompetitive advantage lie in a world of endemic generative AI?Source:PwC,July 2023$15.7 TRILLIONTHE AMOUNT OF VALUE THAT GENERATIVE AI COULD ADD TO THE GLOBAL ECONOMY BY 2030INTRODUCTIONFor financial professional use only.Not for use with the public.CHAPTER 1 2023S AI RALLY ANTICIPATES A RAPIDLY APPR

5、OACHING FUTUREFor financial professional use only.Not for use with the public.4 GENERATIVE AI|PGIMCHAPTER 1 2023S AI RALLY ANTICIPATES A RAPIDLY APPROACHING FUTURE*Metas Threads microblogging app has since surpassed it by reaching 100 million users in five days.Accelerated Adoption-Number of Days to

6、 Reach 100 Million UsersDays to 1MDays to 10MDays to 100MNetflixTwitterFacebookInstagramChatGPT61854160819037337Source:Reuters,July 2023When ChatGPT-3,the first generative AI chatbot,was launched by Microsoft-backed OpenAI in November 2022,it quickly became the fastest-growing app ever,attracting an