The next innovation revolution—powered by AI
McKinsey Sustainabilty
JUNE 20, 2025
Nicholas Bloom, an economics professor at Stanford University, and his research collaborators published a paper in 2020 that examined the real R&D expenditures of semiconductor companies and equipment manufacturers and estimated that their annual research effort rose by a factor of 18 between 1971 and 2014. 5 Nicholas Bloom et al.,
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