Woolworths, Telstra, Atlassian and Canva have been named among global companies deemed to be taking advantage of the rising capabilities of generative artificial intelligence, by global investment banking giant UBS, as its research shows the dramatic rush to adopt the technology since the end of last year.

In an extensive report from its analysts, UBS questioned whether the emergence of generative AI – technology that can generate text, images, code and other content popularised by OpenAI’s ChatGPT – would deliver a generational transformation to business.