Elon Musk says AI "will probably increase" the world's economic output "by 20 to 30%"

Speaking at the G20 Innovation Ministerial in Chapel Hill, North Carolina, Elon Musk said advances in artificial intelligence could raise the world’s economic output by 20 to 30 percent over the next few years, an annual gain he estimated at tens of trillions of dollars. He linked that optimism to rising needs for computer chips, data centers, and electricity, saying analysts anticipate a shortfall of at least 15 gigawatts of power for AI hardware by 2027. Addressing European officials, including ministers from France, Italy, and Germany and EU technology chief Henna Virkkunen, Musk contended that Europe’s heavy regulatory environment treats new technologies as disallowed until approved, putting the continent behind U.S. and Chinese competitors. His comments came as governments debate AI expansion, energy infrastructure, and regulation.