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Artificially Intelligent
May 24, 2024
When new inventions turn into market frenzies, the contrarian part of me wants to be skeptical. But the optimistic part of me wants it to be true, especially when the idea promises to change life for the better. Reality is usually somewhere in between. And that, I suspect, is where the current artificial intelligence frenzy will go.
My observation through many cycles is that these fevers go too high, but they aren’t imaginary. The ideas are often real and so are the potential benefits; they just take longer to develop than most investors can tolerate.
AI may prove to be an exception because it is developing so fast—and is already showing tangible, cost-effective applications. This is not the 1990s pets.com sock puppet. AI systems like ChatGPT (released less than two years ago, remember) are doing things most never thought possible. Some of it is questionable quality, some may be socially undesirable or even harmful. But it’s real and improving quickly.
AI came up in many SIC sessions because it’s touching almost every corner of the market in some way. I focused on it more specifically with Joe Lonsdale and Ben Hunt. They look at it from different perspectives but had some remarkably clear thinking on this sometimes murky subject. Today I’ll share some of their wisdom with you.
But to put this in context, let’s review a piece my associate Patrick Watson recently shared with subscribers of our Over My Shoulder service, in which we send succinct summaries of interesting...
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