Previous advances in software, cloud and mobile capabilities have forced almost every business, from retail giants to steelmakers, to invest in digital transformation or risk obsolescence. Now it's AI's turn.
Companies are sending billions of dollars into AI investments to respond to the rapidly changing technologies that are changing the way they do business.
Robinhood CEO Vlad Tenev told David Rubenstein this week Bloomberg's Wealth The competition to implement AI in Business is a “huge platform shift” comparable to the mobile and cloud conversions of the mid-2000s, but “probably big.”
“I think just as every company has become a technology company, every company will become an AI company,” he explained. “But that happens at an even faster rate.”
TENEV, who co-founded the brokerage platform in 2013, pointed out that traders are not just trading to make money, but because they love it and are “very passionate.”
“I think there's always a human element to it,” he added. “I don't think there's a future where AI will do your thinking, all your financial plans, all your strategies for you. It'll be a useful assistant to traders and your broader financial life. But I think humans will ultimately call the shot.”
However, TENEV predicted that AI would change jobs and advised people to be “AI native” to avoid being left behind during the August episode. Ice coffee hour Podcast. He added that AI can expand its business much faster than previous Tech Booms.
“My prediction in the long run is that there are more single-person companies,” Tenev said on the podcast. “One individual can use AI as a huge accelerator to start a business.”
Global businesses are rapidly moving banks of artificial intelligence technology from the experimental stage to daily operations, but a recent MIT survey found that 95% of pilot programs were unable to provide.
The US tech giant plans to spend $400 billion on capital spending next year, with most of them planning to go to AI.
Research shows that AI has already spread to the majority of companies. A recent McKinsey survey found that 78% of organizations use AI in at least one business function, up 55% from 72% in early 2024. Now, businesses are looking to continuously update cutting edge technology.
In the financial world, Jamie Dimon of JPMorgan Chase believes that AI will “enhance almost every job,” and described its impact as “as extraordinary and perhaps transformative as some of the major technical inventions of the past few hundred years. Think of printing presses, steam engines, electricity, computing, and the internet.
This story was originally featured on Fortune.com.
