Artificial Intelligence (AI) – The idea and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making. It encompasses several tools such as machine learning, neural networks, natural language processing and robotics.

Types of AI:

1. Narrow AI (Weak AI): Specific use – e.g., facial recognition, or language translation. One-operation-only systems: These are the simplest because they operate in isolated operation with too small constraints.

2. General AI (Strong AI) Any hypothetical artificial instantiation of humans ability to perform any cognitive function that a human being does. It is capable of understanding, learning and executing knowledge in many spheres.

3. Artificial Superintelligence (ASI)The next level of AI that us more intelligent than the best human across basically every field; scientific creativity, general wisdom and social skills.

AI Creating Wealth:

Artificial intelligence itself can create an immense boost in human wealth, simply by unlocking innovation and productivity. AI applications can automate monotonous tasks, speed up the processes and lower costs of operations as well assist decision-making through data analytics. In fact, in fields such as healthcare AI might help identify diseases earlier than ever before and offer personalized treatment, which will reduce the cost of health care while increasing life expectancy. Finance: AI algorithms can improve investment strategies, increase risk management efficiency. AI will be able to breathe life into economies by introducing new AI development, maintenance and application industries contributing job opportunities. For these reasons, AI can make society wealthier by making it more efficient and enabling new economic activities.