- ChatGPT could transform side hustles into a $1.4 trillion industry, according to Morgan Stanley.
- "Multi-earning has evolved into a secular growth theme, with generative AI the differentiator," strategists said.
Generative AI programs like ChatGPT could transform the side-hustle economy into a $1.4 trillion industry, according to Morgan Stanley.
The bank touted the technology's potential to drive up multi-earners' income, in a thematic investing research note published Monday.
"Contrary to the belief that gig working and employee bargaining power would diminish post-Covid, multi-earning has evolved into a secular growth theme, with generative AI the differentiator," a team led by equity strategist Edward Stanley said.
The bank said generative AI will boost gig workers' income by $83 billion, or 21%, in its base-case scenario, and by $300 billion in its bull-case outcome.
Morgan Stanley also polled a group of gig workers and found that 93% of content creators and 90% of e-Commerce sellers said their monthly income had already increased thanks to the technology.
The research note included just three real-world examples of how multi-earners are making more using generative AI, including "HustleGPT" X user Leonardo Sousa, who says he instructed ChatGPT to tell him how to turn $100 into as much money as possible.
Insider has previously reported on how gig workers have used OpenAI's intelligent language tool to plan vacations for clients, make pitch decks for startups, and generate marketing articles.
This isn't the first time Morgan Stanley has backed AI to fuel trillions of dollars' worth of economic growth.
Back in April, the bank said the technology would revolutionize online search, eCommerce, and content creation – and unlock $6 trillion in investment potential.