Macro Markets and Machines_The Economic and Market Transformation Driven by AI_GWM report - Flipbook - Page 25
Macro, Markets, and Machines
November 2025
Exhibit 19 – AI Costs Are Falling Rapidly, Consistent with Historical Trends Observed for Computational and
Memory Costs
$100t
100
$1t
US$/terabyte
$10b
10
$100m
$1m
$10k
1
0
$100
1
2
3
4
5
6
7
8
9
10
Years
1959 1967 1975 1983 1991 1999 2007 2015 2023
RAM
Flash memory
Disk memory
Solid-state drives
Cost of accessing GenAI models
(quality adjusted price)
Cost of computation (USD per
instr./second)
Note: RHS chart: Data indexed to 100 for first year of data.
Source: Our World in Data John C. McCallum (2023); U.S. Bureau of Labor Statistics (2024); OECD; Andre et al, 2025; Scotia Wealth Management.
These three channels – exposure, preparedness, and access – suggest that AI’s early gains through productivity,
income, and investment flows may be tilted toward advanced economies, reinforcing and widening divides
between wealthy and low-income countries. Over time, technological diffusion may become more widespread as
access to AI technology broadens, allowing emerging and low-income economies to realize AI-fuelled
productivity gains.
Scotia Wealth Management
24
