The Big Money Show panel will discuss the questions about AI spending that are spooking investors and how tech stocks are responding to market uncertainty, memory costs and the potential for government intervention.
First appearance on Fox: A new report dismisses fears of an “apocalypse” for artificial intelligence, arguing that the technology could spark the biggest productivity boom in U.S. history unless the U.S. government slows it down with premature regulations.
Unleash Prosperity’s report, titled ‘Boom Day, Not Doomsday’, argues that AI is more than just a software tool, saying it has the potential to provide cheaper expertise, expand access to services and improve living standards.
“Thanks to AI, we’re on the cusp of the biggest productivity revolution in American history,” Stephen Moore, co-founder of Unleash Prosperity, told FOX Business. “There’s little question about that.”
But critics warn that AI also comes with serious risks, including job losses, cyberattacks, disinformation and misuse by bad actors. Some experts worry that companies and countries will rush to develop AI, prioritizing speed over safety.
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Rows of servers glow inside the data center. A new report claims AI could spark the biggest productivity boom in U.S. history. (license/image)
The Unleash Prosperity report says AI could allow doctors to spend more time with patients, teachers to personalize lessons, builders to reduce delays and improve manufacturing quality, and small businesses to have access to more tools.
“AI makes routine cognitive tasks cheaper,” the report says. “…These incremental improvements add up to tremendous benefits as doctors, teachers, contractors, and other professionals spend less time on paperwork and bureaucracy and more time on actual work.”
Moore said AI could also play a big role in affordability, including housing costs.
“AI will cut the cost of building a home in half,” Moore said. “There’s a lot of talk about affordability and how no one can afford to buy a home. … If you cut the cost of building a home in half, all of a sudden it becomes much more affordable.”
The report also dismissed concerns that AI would eliminate millions of jobs, saying similar concerns existed with previous breakthroughs such as tractors and computers.
“Every major invention of the past 100 years has increased the productivity of the American economy and led to more jobs, not fewer,” Moore said.
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A warehouse worker stands between stacks of boxes. According to the report, AI can create more valuable roles for workers while automating routine tasks. (license/image)
The report cites agriculture as one example.
In 1900, nearly 40 percent of the U.S. workforce was employed in agriculture, but today it is less than 2 percent, and the United States produces far more food. Moore said AI could similarly move workers into new, higher-value roles rather than eliminating them from jobs altogether.
Moore said fears about AI often stem from focusing on the potential risks rather than the benefits.
“I think people are afraid,” he said. “There’s a kind of fear that the future will be like Terminator, where people are focused on the potential risks rather than the amazing advances in human welfare that technology can bring.”
The adoption of AI is already moving faster than previous technological revolutions. As the report notes, more than half of U.S. adults have used generative AI within three years of its mass-market release, which exceeds the early adoption of personal computers and the Internet.
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A medical professional completes the patient’s chart. According to the report, AI could help doctors spend less time on paperwork and more engagement with patients. (license/image)
“This is as big as the invention of the wheel. It’s as big as the invention of electricity. It’s bigger than the Internet,” Moore said. “It will make life better on the planet…but we need to make sure America leads.”
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Moore added that the United States cannot afford to slow down as China races ahead in AI development and deployment.
“The race is on. Let’s win the race,” Moore said.
