Left to right: Amir Salek, Senior Managing Director, Cerberus Capital Management. Julian Salisbury, CIO, Goldman Sachs Asset & Wealth Management. Noor Sweid, Global Ventures Founder and Managing Partner
Daniel Pike writes for Forbes
Artificial intelligence (AI) has become the buzzword of the year, but investors are now wondering beyond underlying technology like ChatGPT how companies in other industries will benefit from applying the concept. I’m trying to figure out what I can get.
Dozens of influential investors and business leaders gathered at Manhattan’s Pier 60 for the 2nd Annual Meeting forbes The Iconoclast Summit on June 12 discussed how to align portfolios and steer companies and clients in a time of global financial upheaval, with Goldman Sachs CEO David Nearly all panelists, including Solomon and billionaire Ray Dalio, shared their thoughts on large-scale language models and generative languages. artificial intelligence.
“The idea behind AI is not new. They have been through cycles of heightened expectations and disappointments many times. We have finally reached a point where the power of computers is pushing AI beyond the limits previously thought possible,” said Amir Salek, senior managing director at Cerberus Capital Management. . Technology-focused panel titled “Rewiring the World: Is AI the Answer?”
Artificial intelligence offers “a collection of performance improvements brought about by relatively rapidly upgraded features.” Julian Salisbury, chief investment officer at Goldman Sachs Asset and Wealth Management, said: “I think there will be some difficulties on this road, but it will completely change the way we run our business and what we invest in,” he added.
Rather than just betting on AI itself or the tech companies that supply it, some investors are looking for businesses in other areas that use the concept to significantly improve outcomes.
“Today, we are spending less time on large, capital-intensive initiatives like the semiconductor market. We’re focused on finding companies that can do things in a highly competitive way, not just finding AI companies,” Salisbury said.
As with any new technology, the best prospects can be found in the least served places.
“What we are seeing in other parts of the world is the en masse application of AI. How can we increase yields for food security in Africa? How can we bring the application of AI to regions of the world where microfinancing is high and change the way locals access finance?” Dubai-based venture capital firm , Nour Suwaid, founder and managing partner of Global Ventures, expressed a similar opinion. “Emerging markets make leapfrogging easier because they don’t have the infrastructure or legacy they are trying to replace in any way.”
The panelists were vigilant. Sailsbury predicted that growth in artificial intelligence “will not be linear.” “A lot of value will be created and destroyed,” he said, adding, “There will be a divide between companies and people who embrace and understand this technology and those who choose to ignore it. would,’ he said.
