Conswello Mack 06/15/24 Interview RE: AI Investing

[rhinefire]

Dom Rizzo is the manager of the TRP Global Tecnology Equity Fund. This is a good clip for anyone thinking of investing in the AI related technology.

 

[Jkca1]

I found one of the above claims, that the next breakthrough for AI will be its ability to answer emails/texts without human intervention and increase productivity, most interesting. I guess from a company's viewpoint, increasing automation can be a good thing, but if AI is doing the jobs that employees used to do, why keep those employees? Admittedly, answering emails is a simple task, but how many new positions for those who used to have those jobs will open up when AI is increasing its responsibilities and is working for peanuts?

Coming from a sales background, I can't fathom why salespeople, marketing, etc., would be needed when most of the questions I had to answer were about product functionality and pricing. The same goes for technical questions. A well-created tech manual or white paper should eliminate many of those jobs, and there is no reason why AI shouldn't eventually pick up the responsibility of product creation, support, distribution, and customer contact, too. We live in interesting times.

 

[multivita-man]

I found one of the above claims, that the next breakthrough for AI will be its ability to answer emails/texts without human intervention and increase productivity, most interesting. I guess from a company's viewpoint, increasing automation can be a good thing, but if AI is doing the jobs that employees used to do, why keep those employees? Admittedly, answering emails is a simple task, but how many new positions for those who used to have those jobs will open up when AI is increasing its responsibilities and is working for peanuts?

They'll end up doing other things that require more complex brainpower and creative problem solving.

Coming from a sales background, I can't fathom why salespeople, marketing, etc., would be needed when most of the questions I had to answer were about product functionality and pricing. The same goes for technical questions. A well-created tech manual or white paper should eliminate many of those jobs, and there is no reason why AI shouldn't eventually pick up the responsibility of product creation, support, distribution, and customer contact, too. We live in interesting times.

AI and robotics aren't really new; it's just getting more powerful. People still want human interaction even when automation is available.

 

[bomberfox]

AI investing….. jeeez lol… high speed trading has already been a thing for a while but wall street ceased to be a regulating institution and now its just a pure casino.

 

[dmpi]

I couldn't get through it. It was too much like a infomercial.

 

[rhinefire]

60 Minutes ran a piece last week on China's technology and if we are concerned with job losses hare thing what it will be like in China. Being the Chinese poor have come out by the millions to enjoy a comfortable lifestyle removing millions of jobs would send them back to a North Korea lifestyle.

 

[Deuce]

I found one of the above claims, that the next breakthrough for AI will be its ability to answer emails/texts without human intervention and increase productivity, most interesting. I guess from a company's viewpoint, increasing automation can be a good thing, but if AI is doing the jobs that employees used to do, why keep those employees? Admittedly, answering emails is a simple task, but how many new positions for those who used to have those jobs will open up when AI is increasing its responsibilities and is working for peanuts?

Coming from a sales background, I can't fathom why salespeople, marketing, etc., would be needed when most of the questions I had to answer were about product functionality and pricing. The same goes for technical questions. A well-created tech manual or white paper should eliminate many of those jobs, and there is no reason why AI shouldn't eventually pick up the responsibility of product creation, support, distribution, and customer contact, too. We live in interesting times.

Less likely to be implemented, because AI doing these tasks starts to replace management.

 

[Allan]

I found one of the above claims, that the next breakthrough for AI will be its ability to answer emails/texts without human intervention and increase productivity, most interesting. I guess from a company's viewpoint, increasing automation can be a good thing, but if AI is doing the jobs that employees used to do, why keep those employees? Admittedly, answering emails is a simple task, but how many new positions for those who used to have those jobs will open up when AI is increasing its responsibilities and is working for peanuts?

I think the same human labour displacement was probably a concern when computers were invented. Maybe even more so.

Despite computers displacing everyone from clerical staff to airplane navigators...

In 1950 the US had 62 million in the workforce. In 2022 it was 162 million and is projected to be 201 million by 2050.

 

[PoliSciPulse]

There are certain things, like grammar subtext or the intelligence needed to connect concepts in writing that AI will never grasp because it is uniquely human. All other tasks that, like the example I used, don't require a higher level of thinking (i.e., need to be uniquely human), the AI will be able to do. You can ask an AI to write about itself all you want, but to actually require it to "think" will always be a little bit imperfect.

 

[PoliSciPulse]

There are certain things, like grammar subtext or the intelligence needed to connect concepts in writing that AI will never grasp because it is uniquely human. All other tasks that, like the example I used, don't require a higher level of thinking (i.e., need to be uniquely human), the AI will be able to do. You can ask an AI to write about itself all you want, but to actually require it to "think" will always be a little bit imperfect.

Responding to myself here, which looks stupid -- but the editing time has passed. Reminds me of Michael Cohen, I think, who tried to cite cases using ChatGPT in a court document and it turned out the supposed "cases" he cited didn't exist.

 

[Jkca1]

I think the same human labour displacement was probably a concern when computers were invented. Maybe even more so.

Despite computers displacing everyone from clerical staff to airplane navigators...

In 1950 the US had 62 million in the workforce. In 2022 it was 162 million and is projected to be 201 million by 2050.

I think we have moved onto a new phase in computing where humans sitting in front of keyboards will become a thing of the past as AI replaces that function. In 20 years I expect that AI will just become part of our daily lives and will have cute names depending on what company you are using. Today, Amazon gives you a choice of four or five names for its product. I expect you will someday be able to name your AI assistant whatever you want. Oh, the joy that will bring!

 

[bomberfox]

Anything else script kiddies want to replace with AI?