The cost of labor in the US has never been higher. US average hourly earnings hit $37.64 in June, a record high and up +3.5% over the last year. Even for online stores, a single customer service hire now runs around $4,000 per month. As a result, the global AI customer service market is rapidly expanding. Between 2024 and 20233, the global AI customer service market is expected to grow from $13 billion to $84 billion. This implies a +23.2% annual growth rate with expectations of a -5% decline in customer service employment over the next decade. As labor costs continue rising, the return on investment for AI has become increasingly compelling.(The Kobeissi Letter)