Ruth Porat, president and chief investment officer of Google and Alphabet, announced at the Fortune Most Powerful Women Summit that the company plans to spend approximately $200 billion this year building out AI capacity, and even more in 2027. She warned that the negative risks of AI must be addressed collectively or the potential benefits could be lost. According to a McKinsey report, more than half of U.S. work hours could be automated by 2035, with office and administrative roles especially exposed. Additionally, some $124 trillion in wealth is set to be passed down by 2048, much of it going to women.
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