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- Bank of America strategists predicted artificial intelligence will revolutionize everything as it teeters on its "iPhone moment."
- AI has many commercial uses and will allow for the democratization of data, among other upsides.
- The global economic impact of the booming technology could reach $15.7 trillion by 2030, BofA said.
Artificial intelligence is about to have its "iPhone moment" and could revolutionize everything, according to Bank of America.
In a Tuesday note to clients, BofA strategists listed four reasons why AI is about to change the landscape: democratization of data, unprecedented mass adoption, "warp-speed" technological development, and abundant commercial uses.