The Impact of AI
“The only limit to our realization of tomorrow will be our doubts of today.”
Artificial Intelligence has been making a lot of headlines lately. Wherever you turn, someone is talking about it. It’s no wonder that NVIDIA, which has experienced booming demand for its AI chips, became the world's most valuable company earlier this week. NVIDIA reached a market capitalization to $3.34 Trillion, dethroning tech heavyweight Microsoft. Yes, you read that right… $3.34 Trillion!!!
Tech companies are trying to capitalize on the AI boom, and I don’t think we are anywhere near the finish line when it comes to advancements in this space.
With all that is going on, talking about AI has become a part of my daily routine. Some conversations revolve around how to profit from this boom, but most of them take a different route.
In my conversations with clients, young and old, they are more concerned about the implications of AI. Many younger individuals are wondering about their future when it comes to their career choices and older individuals are concerned about how AI will impact the world in general.
We had similar concerns in the 1990s when people were worried about the impact of the Internet as it started to creep into our everyday lives.
They grappled with several concerns as the internet entered their homes and workplaces:
Privacy: The anonymity of the online world sparked fears of personal information misuse. People worried about data breaches and the lack of control over how companies might use their information.
Security: With online banking and commerce in their infancy, security threats loomed large. Users were apprehensive about hackers stealing financial data or compromising computer systems.
Content: The Wild West nature of the early internet led to anxieties about inappropriate content, particularly for children. The ease of accessing unfiltered information raised concerns about exposure to harmful or offensive material.
Addiction: The immersive nature of the internet and the rise of online gaming raised concerns about excessive use and potential addiction. The fear of neglecting real-world responsibilities due to the allure of the online world was a common worry.
Do these sound familiar? 30 years later and we survived the Internet age and the concerns that many had back then. Similar worries apply to the era of artificial intelligence. People are concerned about privacy and the safety of their information online.
But one of the biggest fears is if AI will replace someone at their workplace. If you’re reading this and you are retired, congrats! You have one less thing to worry about. 😉
Unfortunately, if you’re one of the 161 million people currently employed in the United States, you might be concerned about the impact of AI on your job and if you will be eventually replaced by a computer or robot.
I think NVIDIA’s CEO, Jensen Huang, said it best when he was recently interviewed at a conference. “You’re not going to lose your job to AI. You’re going to lose your job to someone who uses AI. Your company is not going to go out of business because of AI. Your company is going to go out of business because another company used AI.”
I agree with Jensen. Things are changing rapidly and employees need to adapt and learn new skills. Five to ten years from now, it might be highly unlikely you would get hired if you didn’t know how to properly utilize AI in your field. This is no different than me trying to hire someone at my firm today and the job applicant tells me they’ve never used a computer before.
Change is inevitable. We can go way back to the industrial age and share stories of how innovation impacted certain industries. over the years, many companies have disappeared because of these innovations. But during that same time, new companies emerged. The same cycle will continue.
In my mind, I think the biggest concern isn't what will change, but how quickly it will change. Hold on to your hats folks!
Action Items
Embracing AI and learning more about it involves a combination of education, practical application, staying updated with the latest advancements and investing in it.
Here are some effective ways to dive into the world of Artificial Intelligence:
Education: Start by learning the basics of AI. There are many online courses, tutorials, and guides that can introduce you to the concepts of AI. DataCamp, for instance, offers a comprehensive guide on how to learn AI from scratch.
Partnerships: Explore AI-driven tools tailored to your field. Whether you're in business, healthcare, or any other industry, there are specialized AI tools that can enhance your work.
Foster Collaboration: Think of AI as a team member. Encourage collaboration between AI and human intelligence to solve complex problems.
Lifelong Learning: AI is evolving rapidly, so it's important to stay informed about new developments. Follow AI news, attend workshops, and participate in discussions to keep your knowledge current.
Upskill and Reskill: Continuously learn new skills and update existing ones, especially those that AI cannot replicate, such as emotional intelligence, creativity, and complex problem-solving.
Invest: One of the best ways to keep up with advancements in AI is to invest in companies that will help revolutionize the healthcare, computing, financial and auto industries. I built the FAIR Tech portfolio that invests in exactly these types of companies as well as others that will shape the future.
Soon you'll be well on your way to understanding and leveraging AI in your personal and professional life. Remember, AI is a tool that, when used wisely, can significantly enhance your capabilities and help you achieve your goals.
~Alex
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