Artificial intelligence will be transformative for a range of industries, not just tech

Over the past few weeks, global equity investors have been in the teeth of the US earnings season.

Generally, the news has been positive, with the likes of Microsoft enjoying their best quarter for more than a decade.  Beneath the surface, however, something profound is going on. The artificial intelligence (AI) revolution is here and is likely to transform a multitude of global industries and global equity sectors in ways that are yet to be fully understood. AI bears like to point to the threat to jobs from the advent of high levels of factory automation and the rise of 'intelligent machines'. Indeed, some observers regard AI as profoundly deflationary, not least because it cou...