Embracing AI: Opportunities, Risks, and Investment Strategies
To understand AI's impact, it's essential to reflect on the rapid technological evolution we've witnessed over the past century.
By Paul Gabrail | Friday, September 27, 2024
Artificial Intelligence (AI) has been making waves for some time now, transforming our world in ways we could have only imagined. It's not just a passing trend; it's here to stay. While technology often brings both risks and opportunities, my personal experience tells me there's money to be made. So, let's dive into how you can capitalize on this AI boom.
The Evolution of Technology
To understand AI's impact, it's essential to reflect on the rapid technological evolution we've witnessed over the past century. The U.S. is relatively young at just 250 years old, yet in the last 150 years, we’ve seen groundbreaking inventions—think radio, cars, televisions, and the internet. Each innovation has brought both positives and negatives to our lives.
AI is the latest chapter in this story, and its potential is vast.
The Power of AI
We’re at a fascinating point in AI technology. For example, If you watch the video we made on investing in A.I you will see me communicate in multiple languages using a voice that isn't even mine! This technology is impressive, and as advanced as it is today, it’s only going to get better. In fact, As good as it is...its the worst it ever will be.
WATCH THE VIDEO TO SEE WHAT A.I. CREATED WITH MY VOICE!
The growth estimates for AI are staggering. Various sources project a compounded annual growth rate (CAGR) between 28% to 43.2% over the next decade. Just look at the revenue generated from AI and its share of total technology spending—it’s on a steep upward trajectory. This growth isn't just a statistic; it means companies can become more agile and operate around the clock, enhancing productivity and creativity.
The Risks of AI
However, it’s not all sunshine and rainbows. Recently, a friend shared a concerning story: a vendor's CFO, whose voice was authenticated by AI, requested an early payment of $500,000. It turned out the call was generated entirely by AI, leading to a significant loss. This incident highlights the potential downsides of this technology.
While the benefits of AI are compelling, we must tread carefully. According to Price Waterhouse Coopers, by 2030, AI could boost China’s GDP by 26%, while North America might see a 14.5% increase, totaling around $10.7 trillion in economic impact. But with opportunity comes the reality that not all companies will thrive in this new landscape.
Learning from History
Let’s take a moment to reflect on the history of innovation. When new technologies emerge, there's often a rush to enter the market. For instance, many car companies that once thrived are now defunct. Just look at the list of every defunct car company—many of which started as early as 1902. The same goes for the airline industry; countless airlines have come and gone since the late 20th century.
