AI is here, and it’s about to change the world
Artificial Intelligence (AI) is no longer the stuff off sci-fi movies. From SIRI to self-driving vehicles, it’s now part of everyday life. So far, we’ve mainly seen the benefits. But many experts are warning that, unless society takes control of the technology, the downside could be massive.
Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.
Andre
:
Roger,
I think a material impact of AI technology to the workplace is 10 if not 20 years away. The best example is the robotic bricklayer. Even the most average bricklayer earns a very handsome wage and yet as consumers we baulk at this technology which will save time and money, yet it works in a controlled environment but the technology hasn’t been widely adopted. People are terrified of change and if people are scared of a machine laying bricks for a garage imagine the reaction when a self driving bus swings by to pick up the kids
enrico rumi
:
Imagine what they could do for wealth management.
Roger Montgomery
:
We’ve written about that very thing Enrico! https://rogermontgomery.com/value-investing-in-the-age-of-machine-learning/
Guy Davis
:
Agreed Roger. Alpha Zero shows bluntly the way in which AI can outstrip our knowledge so quickly. It sacrificed it’s bishop for a pawn, in that game, in a way no person ever would have.
Ben
:
Rodger
Law enforcement, maybe have a look at Robocop original .1987
Art imitating life?.
James Paterson book
“Humans Bow Down” same .
The jobs most in danger, I believe will be white collar workers, as lots of that can be done by AI easily
Thanks for the article
“A Brave New World”
Murray Wardle
:
Will AI be conscious? Or will it make utilitarian decisions based on datasets (provided or learned)? Either way, we will be challenged to contemplate what does it mean to be human and how much control do we give to AI.
Greg Scott
:
Truly scary stuff Roger.
As you describe, I have little doubt that at the rate of change that is occurring in this field, that the effects of AI on humans will proceed well ahead of our governments ability to act to slow those effects.
Although there will be effects on humans incomes via work redistribution, to my mind this is something that humans can overcome through income redistribution. The main concern I have, is that the motivation of a machine is unknowable. Unlike humans who are motivated by human emotions, and ultimately a desire to survive at an individual level, maybe machines will be motivated by the logic of surviving at a ‘species’ level. WHO KNOWS!!!
simon
:
for the first time i played a VR playstation game on saturday and it was incredible- will be mind blowing /amazing in 2-5yrs time
Kelvin Ng
:
Hi Roger, thanks. So how are the Montgomery funds responding to these developments?
Thanks.
Kelvin