麦肯锡 -人工智能价值曲线：将人工智能应用于现有工作的经济分析 The AI value curve The economics of applying AI to existing work

QuantumBlack/AIbyMcKinsey

TheAIvaluecurve:

TheeconomicsofapplyingAItoexistingwork

ManyorganizationsarestillmeasuringAladoptioninsteadofvalue.

TheAlvaluecurvehelpsidentifywhereAl'sautomationpotentialcanbedeployedmostcost-effectively.

ThisarticleisacollaborativeeffortbyLievenVanderVeken,SandraDurth,TanguyCatlin,TarikAlatovic,andTomIsherwood,withDhanushThirumoorthy,DmitriiKazantsev,andShaahidNanabhay,representingviewsfromQuantumBlack,AlbyMcKinsey,andMcKinsey'sTech&Algroup.

October2026

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork2

Inbrief

-Alisbeingdeployedwidelyacrossenterprises,butadoptionisbeingmeasuredfarmorethan

value.

一TheAlvaluecurvecomparesthecostofataskasperformedtodaywiththefullcostofdoingitwithAl,revealingaroughly$2.5trillionannualglobalopportunityindeployingthetechnologyacrosscertainsectors,regions,andoccupations.

一Threepatternsstandout:Thestrongesteconomicscomefromaugmentinghigh-skilled,higher-wageworkratherthanlargevolumesoflower-wagework;thereissubstantialpotentialvalueinnumeroussectorsbeyondtechnologyandfinancialservices,includinghealthcareandeducation;andthesameusecasecanpayoffinonemarketbutnotanother.

-CapturingtheopportunityrequiresleaderstofocusAlinvestmentswheretheeconomicsarestrongest,managecostsalongsideadoption,andplanhowtoredeploythepeopleAlfreesup.

TheAlrevolutionisenteringanewphase,asthefocusshiftsfromwhattechnologycan

dotohowitcancreaterealvalue.By2030,anestimated$7trillionincapitalwillhavebeen

investedintoAlinfrastructure;tojustifythatinvestment,thetechnologyneedstogenerate

roughly$760billioninannualprofitpools.NewAlbusinesses,products,andserviceswill

contributesignificantly,butmuchofthatvaluewillhavetocomefromhowenterprisesuseAltofundamentallyredesignworkandimproveproductivity.

Manyorganizations,however,arestillmeasuringAladoptioninsteadofvalue.Theytrackusers,copilotsdeployed,andtokensconsumed.TheseshowhowmuchAlisbeingutilizedandwhetherit'stechnicallycapableoftakingoncertaintasksoractivities.Whattheydon'tshowisifAlis

creatingeconomicvalueintheprocess.AtatimewhenmoreandmoreenterprisesaregrapplingwiththesuddenlyrisingcostsofusingAl,theyfaceapressingquestion:whetherandwhereAlcanperformorsupportcertaintasksatanacceptablequalityandsustainablecost,andinthe

processallowpeopletofocusmoreonhigher-valuework.

TheAlvaluecurvehelpsanswerthatquestion.Ourproprietaryanalyticaltoolexaminesthe

economicsofapplyingAl-drivenautomationoraugmentationtoexistingwork,ratherthanthefullrangeofenterprisevaluethetechnologycancreate.BuildingonMcKinseyGlobalInstitute(MGI)researchintotheautomationpotentialofgenerativeAl,thevaluecurveprovidesan

1"Acceptablequality"meanstheAloutputmeetsthesameacceptancecriteriathatahumandeliverablewouldbeevaluated

againstforthespecificusecase-notthatAlandhumanoutputsareindistinguishableinalldimensions.Forroutinedocumentdrafting,thismaymeanfactualaccuracyandcompleteness.Forclinicalsummarization,itmayincludesafetyandregulatory

thresholds.Thethresholdvariesbytask.

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork3

economiclenstoassesswherethatpotentialcanbedeployedcost-effectively.Bycombining

thatresearchwithlaborcostsandthefullcostofAl-enabledwork,thetoolidentifieswhereAl

canbedeployedeconomicallyacrossindustries,occupations,andregions.Itcanalsobeadaptedtoexaminetheopportunitywithinindividualcompanies.Whilethereisinherentuncertaintyin

ourcurrentestimatesgiventhebroadrangeofpossibleoutcomesassociatedwithsomeoftheunderlyingassumptions,acleardirectionoftravelisemerging(seesidebar"Abouttheresearch".

Sinceeveryjobinanysectorisatitscorecomposedofmanydifferenttasks,ouranalysis

focusesonthemixoftasks,notentireoccupations,againstwhichAlcancurrentlybe

deployedcost-efficiently.Thecurvecomparesthecostofcompletingatasktodaywiththe

fullcostofcompletingitusingAI.Thisincludesmodelandtokencostsaswellasanyhuman

review,validation,andreworkrequired.Arelatedwaytoframetheseeconomicscomesfrom

DavidTepper,CEOofAscerta(formerlyPay-i),whoarguesthatanagentcreatesvaluewhen

itsprobabilityofsuccessexceedstheratioofthetimerequiredtoverifyitsworktothetime

requiredforahumantodotheworkdirectly.?Thevaluecurveappliesthesameunderlyinglogicatscale:identifyingwherethecostofAl,includingthehumaneffortrequiredtoreviewand

reworkitsoutputs,comparesfavorablywiththecostofperformingtheworktoday.

TheAl-enabledworkflowmaystillinvolvehumanjudgment,review,validation,correction,

orescalation,butAltransformsthemixandamountofhumanworkrequired.Wherethat

transformedworkflowdeliversanacceptable-qualityoutcomeatalowereffectivecost,the

resultingproductivityvalueiscapturedinthecurve.OneoftheclearestfindingsisthatsomeofthestrongestAleconomicscomefromaugmentinghigh-skilled,higher-wagework-notsimplyfromapplyingAlacrossthelargestvolumesoflower-wagework.

Asaresult,itshowsthatcertainsectors,occupations,andregionsholdmorepotentialAlvaluethanothersatthismoment;insome,applyingAltothatworkiscurrentlymoreexpensivethanthestatusquoattoday'swages,thoughasAlcapabilitiesimproveovertime,abroaderrangeofactivitieswillbeaddressablebyit.ByidentifyingthetaskswhereitmakesthemosteconomicsensetodeployAl,weestimatetheannualglobaleconomicopportunityintransformingworkthroughAlautomationoraugmentationtobeworth$2.52trillion.

ThedistributionofAlvalue,however,mattersasmuchasitstotalsize.Significantopportunitiesoftenlieintwodifferentareas:whereAlcanimproveandhelpsupportlargevolumesofroutinework,andwhereitcanhelphighlyskilledprofessionalsacrosssectorsspendmoretimeapplyingexpertiseandjudgment.Thatispartofthereasonhealthcare,education,andgovernment

canholdsimilarvaluecreationpotentialasfinancialservicesandtechnology.Thekeyisthe

combinationofscale-wherelargevolumesofworkcanbeautomatedoraugmented-andhigh-valueprofessionalroles,wheretheeconomicreturnfromfreeingpeople'stimeisgreatest.

TheAlvaluecurvealsoshowsthatAleconomicsarelocal,notglobal.Becauselaborcostsdifferfromcountrytocountry,thesameAlusecasecanhaveverydifferenteconomicsacrossmarkets.Ausecasethatiseconomicallyattractiveinonemarketmayofferasmallerorevennegativecostadvantageinanother.CompaniesthereforeneedtoaccountforlocaleconomicswhenassessingwhereAlcancreatevalue.

2"Costversusvalue:ManagingagenticAlsystemperformance"MckinseyQuarterly,July8,2026.

Abouttheresearch

TheAlvaluecurveisbuiltusingabottom-upapproachatthemostgranularlevel,witheachdatapointrepresentingauniqueRegion×Industry×Occupation(831StandardOccupationalClassification)

combination.Foreveryoccupation,themodelcomparesthefullyloadedlaborcostperhour(includingwagesbenefits,andemployeroverhead)withtheAlcostperhourtodeterminethenetsavings

perautomatablehour.ApositivevalueindicatesAlismorecost-effectivethanhumanlabor,whileanegativevalueindicatestheopposite.Alcostscomprisebothtokencosts,whichvarybyoccupationandusecasemixbutusegloballyconsistentmodelpricing,andnon-tokencosts,includinghumanreviewandrework/riskactivities.

ThemodelthenestimatesthevolumeofworkthatgenerativeAlcanmakeautomatableusingthe

effectiveautomatableshare,drawnfromMGI's2026automation-potentialestimates-specifically

theshareofhoursmadeautomatablebygenerativeAl(theaccelerationattributabletogenAl)attheoccupationlevel.ThisapproachisolatestheimpactofgenAlratherthanthefullautomationpotentialacrossalltechnologies.Theautomatablesharefigureiscombinedwithemploymentandproductiveworkinghourstocalculateeffectiveautomatablehours(EAH),representingthetotalautomatable

workload.MultiplyingthenetsavingsperhourbyEAHproducesthenetvaluepool,orthetotaleconomicopportunity(orloss)foreachoccupation.

Finally,resultsareaggregatedfromtheoccupationleveltoindustries,regions,andMGIoccupation

archetypesorgroups.HourlymetricsarerolledupusingEAH-weightedaverages,whilevaluepools

aresummed.Theanalysisreportsbothapositivevaluepool(includingonlyoccupationswithpositivesavings)andanetvaluepool(wherelossesoffsetgains).A30-pluspercentAlcostsensitivityisalso

includedtoassesshowhigherAlcostswouldaffectthecurveandoverallvaluepools.Theanalysis

pricesonlythegenerativeAlcoststack(tokensplushumanreviewandrework);itdoesnotmodel

traditionalautomationtechnologiessuchasroboticprocessautomation,interactivevoiceresponse,orotherdigitalsolutions,sotheresultsreflecttheeconomicsofapplyinggenAltothisautomatablebaseratherthanacomparisonacrossallautomationtechnologies.WagesareappliedattheoccupationlevelandscaledacrossregionsusingInternationalLabourOrganization-basedmultipliersbyindustry,withastandardoverheadandbenefitsfactorappliedtoreachthefullyloadedlaborcost;automatableshareandproductiveworkinghoursareheldconstantacrosscountriesinthisversion.

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork4

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork5

Thosethatdon'tpaycloseattentiontoA'sfluctuatingcostcouldalsobeataloss.Today'sAl

economicsarefarfromfixed.IttakesonlyamodestmoveinthecostofAltoswingthevaluepoolsharply.A30percentshiftinAlcosts,relativelysmallgiventherangeofrecentpricemovements,changestheUSvaluepoolbyroughly$320billion.More-affordableAlbringsmoreworkinto

range;costlierAltakesitbackout.EveryAlinvestmentshouldthereforebetestedunderbothlower-andhigher-costscenariosbeforeitisscaled.

Forleaders,certainimplicationsofourresearchareclear:identifyandmapwhereAlcreatesvalue,sizetheopportunity,stress-testhowsensitiveitistochangesinAlcosts,andfocusfirstonthestrongestbusinesscases.Anunderappreciatedcriticalissuetoconsiderandplanfor,though,ishowthemixoftaskswithineachjobchanges,whatnewrolesemerge,andwhat

organizationsdowiththepeoplewhoseworkAlreshapes.

Forcompaniesasawhole,thesefindingsarebestreadasadirectionalmapofwhereagenticAleconomicsmaybemostattractive,ratherthanasacompany-specificforecast.Theeconomicsofthesamerolecanvarymateriallyacrossorganizationsdependingonfactorssuchaslocalwages,taskmix,tokenconsumption,adoptioneffectiveness,andnon-tokencosts,includinghuman

review,rework,andgovernance.Someoccupationswillthereforebeinherentlymoreamenabletoagenticautomationthanothers,whiletherealizedvaluewilldependonhoweffectivelythetechnologyisdeployed.Companiescanusetheseresultstoidentifywheretoinvestigatefirst,beforerecalibratingtheanalysisusingtheirownworkforceandcostdata.

Whatthevaluecurverevealsbyindustry

TheindustryvaluecurveshowsthesectorswherecurrentAleconomicsindicategreaterpotentialforeconomicallyviabledeployment(Exhibit1).Thatdistinctionisimportant;thepotentialvalue

onlyincludestaskswithinoccupationsforwhichtheuseofAlisestimatedtobeeconomically

positive,notentireoccupationsorsectors.TheheightofeachbarrepresentstheaveragecostadvantageofAloverhumanlabor.ThisAl-enabledvalueadvantage(dollaramountperhour)

isthefullyloadedhourlycostofhumanlaborlessthehourlycostofAlperformingthesame

work;itispositivewhereverAlismoreeconomicalthanthecurrentwaytheworkisperformed,aftertakingintoaccountthehumanworkrequiredtoverifyandcheckAloutputs.Thewidth

representsthevolumeofeconomicallyautomatableworkwithinoccupations.Together,theareaofeachbarshowsthetotaleconomicvalueatstake.

Thedistributionisstriking.Financialservices($530billion)andtechnology,media,andtelecom($360billion)exhibitthelargestAlcostadvantage,whichisaresultofboththenumberofroleswhereAlisrelevantandthevalueAlcanprovidetopeopleinthoseroles.Butthevaluecurvealsoshowsthatsectorswithmore-moderateindividualcostadvantagesalsohavesubstantialopportunitiesforAl-drivenvaluecreation.Forexample,education($410billion)andhealthcare($310billion)accountforsizableportionsofthevaluepoolnotbecauseAldeliversthegreatestper-tasksavings,butbecauseevenmodestproductivityimprovementscantranslateinto

meaningfulgainsacrosslarge,service-intensiveworkforces.Thosegainscouldcomefrom

reducingadministrativeburden,expandingpeople'sscope,orenablingprofessionalstodevotemoretimetohigher-valueactivities(Exhibit2).

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork

Exhibit1

Byaugmentingroutinetasksandfreeingexpertiseforhigher-valuework,Alcancreatemorevalueinsomesectorsthanothers.

GlobalAlvaluecurve,byindustry

Al-enabled

value

advantage,?$perhour

15

Healthcareandsocialassistance

Tech-

nology,

media,

andProfessionalandadvisoryservices

telecom

Mining,oil,

andgas

Realestate

Construction

Government(citizenservices)

Artsandentertainment

|Hospitalityandfoodservices

ILogistics

Retailand

wholesaletrade

Agricul-

tureand

forestry

100150200250300

Utilities

AdministrativeandsupportservicesOtherservices¹

Financial

services

insurance

Education

Effectiveautomatablehours,billion

Otherservicesincludesadminandsupportservices(staffing,facilities,security),repairandmaintenance,andpersonalcareservices.

2ThismetricepresentstheaveragecostadvantageofAloverhumanlabor,calculatedbytakingthefullyladedhourlycostofhumanlaborlessthehourlycostofAlperformingthesametaskitispositiewhereverAlismoreeconomicalthanhowthetaskiscurrentlydone,aftertakingintoaccountthehumanwork

requiredtoverifyandcheckAloutputs.

Source:Anthropic;ILOSTAT;Mckinseyanalysis;McKinseyGlobalInstitute

McKinsey&Company

Exhibit2

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork7

SectorswithmoderateAlcostdifferentialslikehealthcare,education,andgovernmenthavesizablevaluecreationpotential.

GlobalAlvaluecurvenetvaluepool,byindustryBubblesize=

netvaluepool,56100500$billion

Financialservices

andinsurance

Healthcareand

socialassistanceTechnology,media,

12

andtelecom

Professionaland

advisoryservices

●Mining,oil,andgas

Alenabledvalue

advantage,

$perhour

Utilities

supportservices

Administrativeand

Otherservices²

RealestateConstruction

Artsand

Hospitalityandentertainmentfoodservices

Education

Government

(citizenservices)

Manufacturing

Retailand

wholesaletrade

Agriculture

andforestry

010

15

20

2530

Effectiveautomatableshare,%

ThismetricrepresentstheaveragecostadvantageofAloverhumanlabor,calculatedbytakingthefulloadedhourlycostofhumanlaborlessthehourtycostofAlperformingthesametaskifispositivewhereverAlismoreeconomicalthanhowthetaskiscurrentydone,aftertakingintoaccountthehumanwork

requiredtoverifyandcheckAoutputs.

Source:Anthropic;ILOSTAT;McKinseyanalysis;MckinseyGlobalInstitute

20therservicesincludesadminandsupportservices(staffing,facilities,security),repairandmaintenance,andpersonalcareservices.

McKinsey&Company

Whatthevaluecurverevealsbyoccupationarchetype

TheindustryviewshowswhereAlcreatesthemostvalue.TheoccupationarchetypeviewshowswhichjobarchetypesstandtogainthemostfromAl(Exhibit3),basedonthedistinctcombinationoftasksthatmakeupeachjob.Importantly,economicallyautomatabletasksshouldnotbe

interpretedasautomatableoccupations.

Exhibit3

TheoccupationarchetypecurveshowsthejobarchetypesthatcouldgainthemostvaluefromAl,basedonthetasksthatmakeupeachjob.

GlobalAlvaluecurve,byoccupationarchetype¹

Al-enabledvalue

advantage?$perhour

50100150200250300Effectiveautomatablehours,billion

Healthcarepractitionersandtechnical

Management

Computerandmahematical

Communityandsocialservice

Arts,design,entertainment,sports,andmediaLife,physical,andsocialscience

Educationalinstructionandlibrary

related

Officeand

administrativesupport

Architecture

and

engineeringPersonalcareandservice

Protec-

tiveservice

Businessandfinancial

Healthcaresupport

Salesand

ISevenargeyphysicaloccupationarchetypes(foodservice,cleaning,agiculture,construction,maintenance,production,andtransportaion)showlimitedgenAlnetsavings,reflectinglimitedautomatablehoursandlowerwages.

2ThismetricrepresentstheaveragecostadvantageofAoverhumanlabor,calcuatedbytakingthefullybadedhourlycostoumanaborlessthehourlycostofAlperformingthesametaskfisposivewhereverAlismoreeconomicalthanhowthetaskiscurrentydone,aftertakingintoaccountthehumanwork

requiredtoverifyandcheckAloutputs.

Source:Anthropic;ILOSTAT;McKinseyanalysis;McKinseyGloballnstitute

McKinsey&Company

OneoftheclearestfindingsisthatAlcanoftencreateasmuchormorevaluebyaugmenting

high-skilled,relativelyhigh-wageprofessionalsasitdoeslower-wageworkers.Legal,healthcarepractitionersandtechnical,management,andcomputerandmathematicaloccupationssit

towardthehighendofthecurve,withsomeofthelargestper-hourAl-enabledvalueadvantages.Thoseforbusinessandfinancialoperationsprofessionalsmaybeslightlylower,butmoreoftheroutinetasksthatmakeuptheirjobsmaybesupportedbyAI.Relativelysmallreductionsintheirlower-valueworkfreesuprareexpertiseformore-valuableactivities.Administrativesupport,

protectiveservices,andpersonalcare,bycontrast,showamorelimitedAl-enabledvalue

advantageatcurrentwages;theyremainstrongcandidatesfortargetedaugmentation,andmoreoftheirtasksareexpectedtobecomeeconomicallyviableasAlcostsfall.

BecausethisviewisolatestheworkthatgenerativeAlmakesautomatable,thevalue

concentratesinhigh-skilledcognitiveroles-management,legal,healthcarepractitioners,

computerandmathematical,andbusinessandfinance-whereAlcantakeonroutinepreparationandanalysisandfreeupscarceexpertiseforhigher-valuework.Thepatternreinforcesthe

centralfinding:Thelargestgainscomefromaugmentingexpensiveexpertise,notfromapplyingAltothelargestvolumesoflower-wagework.

Freeinguphigher-valuehumanexpertise:Theexecutiveexample

Astheoccupationarchetypevaluecurveshows,theAldifferentialtendstobegreatestamongthemostseniorexecutivesandprofessionals.Thisisevenmoreevidentintheoccupationtypevaluecurve,whichhighlightsthepotentialvalueinasubsetofspecificroles(Exhibit4).

Knowledge-intensive,cognitiveroles-chiefexecutives,lawyers,financialmanagers,registerednurses,andsoftwaredevelopers-sittowardtheleft,whereAI'sper-hourvalueadvantageis

greatestandroutinepreparation,analysis,anddraftingcanbeaugmentedmostcost-effectively.More-physical,hands-onroles-waiters,assemblers,inspectorsandsorters,andHVAC

mechanics-falltowardtheright,wheretoday'seconomicsaretighterandfeweractivitiesaredirectlyaddressablebyAlwithoutrobotics.

Despitetheirplaceatthetopofthecurve,highlypaidknowledge-intensiverolesaren'tlikelytobereplacedbyAI.Instead,itcancreatesubstantialvaluebyaugmentingandacceleratingmanyoftheroutinetasksthathavetraditionallyaccountedformuchoftheirwork:preparingformeetings,managingemail,synthesizingbriefingdocuments,reviewingboardmaterials,scanningthecompetitivelandscape.Thebenefitcomesfromhowthosehoursareused-forexample,makingstrategicdecisionsandjudgmentcallsorestablishingandmaintainingrelationships,allofwhichcannoteasilybedelegatedorautomated.

Likewise,thereareseveraljobtypesonthecurve,includingpharmacytechniciansand

entertainmentattendants,whereapplyingAltotheirtasksismoreexpensivethanthestatusquoatprevailingwages,sothenear-termeconomicreturnisnegative.Thisreflectstoday'seconomics,notaceilingontherole.ThepositionisexpectedtoimproveasAlcostsfallandmoreoftheworkbecomesviabletoaugment.

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork9

Exhibit4

Alcancreatesubstantialvalueforhigh-skilledoccupationtypesbyacceleratingroutinetasksthataccountformuchoftheirwork.

GlobalAlvaluecurve,byoccupationtype¹

Al-enabledvalue

advantage?$perhour

20Chiefexecutives

Lawyers

Financialmanagers

Registerednurses

Medicalscientists

FinancialandinvestmentanalystsGeneralandoperationsmanagers

Accountantsandauditors

Schoolteachers

Salesrepresentatives

Administrativeassistants

Customerservice

representatives

Manufacturingqualityassurancetestersandsorters-

AssemblersandfabricatorsAutomotiveservicemechanics

Waitersandwaitresses-HVACmechanicsandinstalers—

100125

Software

developers

150

25

50

0

Effectiveautomatablehours,billion

Excludedbecausetheirbarsaretonarowtodisplayathisscale:managementanaysts(2851iloneffectiveautomatablehours;architects(331.6milion).2ThismetricrepresentstheaveragecostadvantageofAlowerhumanlaborcalculatedbytakingthefullyloadedhourlycostofhumanlaborlessthehourlycostofAlperformingthesametask.iisposivewhereverAlismoreeconomicalthanhowthetaskiscurentydone,aftertakingintoacountthehumanwork

eirr:Atthviyic;aISccTk;MAlcKoisa.nalysis;McKinseyGloballnstitute

McKinsey&Company

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork10

Howthevaluecurvechangesacrosscountriesandregions

TheeconomicsofAlvaluecreationarelocal.WhileAlcostsarebroadlysimilaracrossmarkets,laborcostsdivergesignificantlybycountry

Asaresult,thepotentialAlvalueofdifferentsectorsandoccupationsfluctuatessignificantlyacrossmarketsandoccupations.ThismeanstheeconomicsofAldeploymentcannotbe

assumedtobeuniformacrossmarkets;organizationsshouldaccountforlocalconditionsandeconomicswhenevaluatingindividualusecases.

HigherUSlaborcostsresultinlargercostdifferentialsbetweenhumanlaborandAl-enabled

workflows.Asaresult,thesamesectorcanshowmateriallydifferenteconomicsintheUSandglobalviews(Exhibit5).Directcomparisonsbetweenthechartsshouldthereforeaccountfortheunderlyinglaborcostbase,ratherthanrelyingonrelativepositionalone.

Theglobalviewalsomasksconsiderablevariationacrossmarkets.Importantly,thesecurves

measuretheeconomicsofapplyingAltotasks,notfuturedemandforanoccupation;significantAleconomicpotentialcancoexistwithgrowingdemandforworkers.

Attheoccupationtypelevel,softwaredevelopersillustratethiseffect:TheyremainanattractiveAlusecaseglobally,butper-hourvaluecreationisanorderofmagnitudehigherintheUnitedStatesgiventhemoreexpensivelaborbase(Exhibit6).

Thesameusecasecanthereforecrosstheeconomicthresholdinonemarketbutnotanother.

Forexample,applyingAltoeconomicallyautomatabletasksinsalesandofficeandadministrativesupportoccupationarchetypesisvalueaccretiveunderUScostassumptions,butmaynotyet

beinmarketswherelaborcostsfallbelowtheeffectivecostofAl(Exhibit7).Thegeographic

comparisonisthereforealensforassessingindividualAlusecasesunderlocalmarketconditions,ratherthanprescribingaworkforcestrategybyregion.

Importantly,economicpotentialdoesnotnecessarilytranslateintorealizablevalue.Theanalysisdoesnotmodelorganizational,regulatory,orworkforceconstraintssuchasemploymentlaw

andcollectivebargainingarrangementsthatmayaffectanorganization'sabilitytocapturetheopportunity.

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork11

TheAlvaluecurve:TheeconomicsofapplyingAltoexistingwork12

Exhibit5a

SincelaborcostsarehigherintheUnitedStatesthanglobalaverages,thepotentialAlvalueofthesamesectorsdiffersignificantlyacrossmarkets.

USAlvaluecurve,byindustry

Alenabled

value

advantage,3

$perhour

AREA

SHOWN

40-

Technology,media,andtelecom

Financialservicesandinsurance

Construction

Manufacturing

Realestate

Healthcareandsocialassistance

ment

(citizenvices)

and

whole-

trade

10-

1520253040

Artsand

entertainmentEducation

Professionalandadvisoryservices

Otherservices²

Logistics

Hospitalityandfoodservices

Administrativeand

supportservices

40Effectiveautomatablehours,billion

300

IExcludedbecausetheirbarsaretonarowtodisplayatthisscale:mining,oil,andgas(64.1milioneffectiveautomatablehours);uilities(1276milion;agricultureandforestry(16.9million).

20therservicesincludesadminandsupportservices(staffing,facilities,security),repairandmaintenance,andpersona