New York City is predicted to experience a significant artificial intelligence boom worth $320 billion by 2038, largely due to the presence of a strong pool of home-grown talent in the city. A recent report by Accenture and Tech:NYC highlights that 90% of executives in the city believe that the talent pool in NYC is crucial for the success of the AI economy. Currently, New York already has 40,000 AI professionals, making it the second-largest venue for raising money for artificial intelligence companies.
According to the report, the number of AI professionals is expected to grow significantly in the next three years, with 90% of executives actively seeking to bring in more talent. By 2038, the prevalence of AI in New York is expected to result in two-thirds of working hours being either automated or augmented by AI, leading to a significant boost in the city’s economy. The study also suggests that the majority of New York workers will see their jobs simplified by AI rather than replaced, leveling the playing field for younger workers and those without connections.
Unlike cities like San Francisco that are primarily focused on technology, New York has the opportunity to implement AI in unique ways across various sectors due to its diverse industry landscape. With traditional strengths in finance, media, advertising, and fashion, every sector in New York is exploring the implementation of AI. The city is already home to 35 AI “unicorns”, companies valued at over $1 billion, with many of them being used widely by regular workers across different industries.
Grace Isford, partner at New York-based venture firm Lux Capital, believes that NYC has the potential to become the next major tech hub for AI due to its vibrant cultural scene, access to research labs, and a large immigrant population of entrepreneurs. To attract and retain new talent, the city must invest in research, support startups, and existing institutions. New York is home to AI research labs at prestigious universities like Columbia, Cornell, and NYU’s CILVR Lab run by Meta’s chief scientist Yann LeCunn.
In order to solidify its position as an AI hub, the state of New York, under Governor Kathy Hochul, has unveiled a plan to invest $400 million in AI research and investments. The program, known as “Empire AI”, involves a consortium of seven universities focusing on investing in computing labs, research, and educating students in the field of artificial intelligence. Gov. Hochul emphasized the importance of dominating the AI industry, stating that whoever does so will dominate the next chapter of history, with a goal of positioning New York as a leader in the race for the future.
