Artificial intelligence (AI) could have a profound impact on the economy in the coming years, perhaps even larger than the internet or smartphones. In fact, Cathie Wood's Ark Investment Management believes AI could increase the productivity of knowledge workers, like software engineers, by as much as tenfold by 2030.

As a result, it's no surprise that businesses are racing to embed AI technology into their day-to-day operations. An estimate by McKinsey & Company suggests that 70% of companies worldwide will be using AI by the end of this decade, and that could present a significant opportunity for investors.

McKinsey's findings send a clear message to businesses: The sooner they adopt AI, the greater the positive impact it will have. The firm says companies that begin using AI today and develop it over the next five to seven years could see a whopping 122% increase in their free cash flow by 2030. On the other hand, companies that never implement an AI strategy could see their free cash flow decline by as much as 23% over the same period.

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Source Fool.com