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21 November 2024

Home / White Papers 2023

AI is the New Macro Part II: An AI Powered Productivity Boom

William Priest, CFA, Executive Chairman, Co-Chief Investment Officer and Portfolio Manager, TD Epoch
Kevin Hebner, PhD, Managing Director, Global Investment Strategist, TD Epoch

We believe AI will be the key driver of equity markets over the next decade, significantly impacting the labor market, productivity and sector concentration, as well as margins and free cash flow (FCF) generation. We briefly summarize these four implications below. Part I of our four part series focused on implications for the labor market. Part II examines productivity, which has been the primary determinant of our prosperity and welfare. In turn, since at least Gutenberg, technologies like AI have been the critical driver of productivity.

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