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Firm Growth from the Artificial Intelligence Boom
Recent scientific breakthroughs have sparked a massive boom in artificial intelligence (AI) innovation. Data from the United States Patent and Trademark Office (USPTO) show that the number of patent filings for AI technology has increased at least tenfold since 2015. How is this fast technological progress affecting economic growth? In this article, we answer this question by studying 30 years of innovation in AI, linking the response of the stock market, firms, and economic sectors to the deployment of relevant AI technologies.