According to a new report by Bloomberg Intelligence analysts led by Mandeep Singh, the generative AI industry is likely to grow at a compound rate of up to 42% over the next decade.

      The report pointed out that the generative AI market will first be driven by the infrastructure requirements necessary to train AI systems, and by 2032, the business revenue in this area will reach 247 billion US dollars; then, the growth momentum will come from devices that use AI models, advertising and other services , by 2032, AI-supported digital advertising business revenue will reach $192 billion, and AI server revenue may reach $134 billion.

    "Over the next decade, the world will see an explosion in the field of AI that promises to fundamentally change the way the tech industry works," Singh said in a statement on Thursday. "As this technology develops, it will become an increasingly important part of IT spending, advertising spending and cybersecurity, among other areas."

     Demand for generative AI has exploded globally since ChatGPT launched late last year, a technology poised to disrupt everything from customer service to banking. This generative AI product uses massive data samples from the internet to learn how to respond to commands, create realistic images and answer questions like a real person.

      The report also said that Amazon‘s cloud computing unit AWS, Google parent company Alphabet Inc., Nvidia Inc. and OpenAI investor Microsoft are likely to be the biggest winners from the artificial intelligence boom.

       As the brightest star in the AI frenzy, the stock price of AI chip giant Nvidia has soared nearly 180% so far this year. In May alone, the company‘s market value has increased by about 250 billion U.S. dollars. This week, Nvidia also briefly joined the "trillion dollar" market capitalization club of US stocks.