The writer is head of European equity strategy and head of global derivatives strategy at UBS
Much of the debate around artificial intelligence and productivity has so far been theoretical, or focused on inputs rather than outcomes. Investors have understandably concentrated on capital expenditure, infrastructure build-out and the companies enabling the AI supply chain. What has been harder to observe, and easier to dismiss, is whether AI is yet changing the way businesses operate. That may be starting to change.
In macroeconomic data, productivity has not accelerated. This has fuelled some commentators to say that AI is another overhyped technology cycle whose benefits will take years to materialise. But this framing risks missing a more idiosyncratic shift.