“ We’ll generate more data in the next two days than all the data created between the dawn of humanity and 2000.”
Artificial intelligence (AI) gets so much buzz, the skeptic in me says stay away from this investing theme. But that would be a big mistake, money managers tell me. In my defense, I can’t help but notice the insanely robust sales projections from all the usual suspects are reminiscent of the spectacular forecasts for tech companies in 1999 — right before the internet bubble burst.
But Dominic Rizzo, manager of the $3.2 billion T. Rowe Price Global Technology Fund
pushes back with the reminder that the internet actually did go on to change the world. He expects the same for AI. “AI is an incredibly big deal,” he says. Rizzo, of course, is not alone. “Artificial intelligence is about to revolutionize everything,” Bank of America’s head of thematic investing Haim Israel recently wrote in a comprehensive note on the topic. “This could be the ‘iPhone moment’ for AI.” Why now? As with the internet in the 1990s, we are at a “defining moment” with AI today, Israel says. That’s because “large language models” like ChatGPT make it easy for everyone to use AI. And this means we can all let it loose on “big data” to mine for insights and entertainment. “Large language models like ChatGPT are finally enabling us to fully capitalize on the data revolution,” Israel adds. The big difference now, Israel says, is that AI tools like ChatGPT can understand natural language and produce human-like dialogue. So, they “democratize data” and make it accessible to all without the need for training or experience. There are a lot of data to mine. Israel notes that more data are created per hour now than in an entire year just two decades ago, and global data will double every two years. We’ll generate more data in the next two days than all the data created between the dawn of humanity and 2000, he says. Read: AI is the word as Alphabet and Meta get ready for earnings As with any “buzzy” tech revolution, expect pitfalls. Shares of the enterp …
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