Generative artificial intelligence (AI) is the form of artificial intelligence that’s generating the most buzz this year. Its applications in media/content generation and video, among other related uses, is making life easier and more efficient for scores of freelancers and gig workers.
Freelancers and gig workers are often-overlooked contributors to the broader economy. But that’s changing for the better, and that shift in sentiment carries with it investment implications. Those include intersections with AI that could be relevant to investors considering exchange traded funds such as the Invesco QQQ Trust (QQQ) and the Invesco NASDAQ 100 ETF (QQQM).
Perhaps furthering the allure of the well-established AI credibility of QQQ and QQQM is that generative artificial intelligence isn’t a jobs destroyer. Not yet anyway. A recent survey by Morgan Stanley indicates 21% of gig workers believe generative AI will boost their incomes.
Generative AI Benefits
Workers, particularly those in younger demographics, are already seeing some benefits when it comes to embracing generative artificial intelligence.
“It also showed that participants were already loosely using AI tools for things like homework and making money. Almost 30% of Gen Z respondents believed that AI created a little more job security. Only 5% of respondents feared the technology would make them feel a lot less secure in their roles,” reported Laila Maidan for Insider.
Morgan Stanley highlighted several stocks that could benefit from the AI/gig economy intersection. It noted that combination could add $400 billion to the broader economy in by 2030. To put $400 billion into context, that’s slightly above the current market value of Johnson & Johnson (NYSE: JNJ).