00:00 Speaker a
Now, what once began as a simple chatbot and recommendation engine is now a major power in the financial markets and the economy. Of course, it's nothing more than artificial intelligence. Traor Talk host Kenny Polcari sat with Futurum CEO Daniel Newman about AI growth comparable to the Industrial Revolution.
00:27 Daniel Newman
In each era of change, and you saw The Markets revolutionize, so you went through it, right? And I think about the transaction now being an algorithm, right? Previously it was on paper.
00:41 Kenny Porcari
Oh, trust me, I was one of those people.
00:44 Daniel Newman
Yes, you were there.
00:45 Kenny Porcari
I'm a boomer. So I was one of those people.
00:47 Daniel Newman
Hey, Boomer. Well, you know that things like this are changing very quickly. Now, in every revolution of the past, it was about more work. And you went through the industrial revolution, you went through the printing press, you went through radio, television, social, mobile, all these things, more jobs were created.
01:07 Daniel Newman
But I'm more careful this time. And the reason I'm more cautious is that I said this in the introduction to the intro to this show. It's about these agents and this technology and how much it can be. I have never seen both white and blue-collar work come in person quickly at the same time.
01:21 Kenny Porcari
right. And I think that's a concern for a lot of people, right? They don't necessarily know, so you know, it's following blue-collar work. It's kind of what it's always going on. But now I'm coming after white-collar work. So it can be legal across the spectrum, analytical, and so many.
01:42 Daniel Newman
Yes, but you've been thinking of it like a gig economy for the last five, ten years. This is a really interesting thing I've been thinking about a lot. The gig economy created jobs, served food, and delivered people. Uber, that was amazing, but now it's a Tesla building Robotaxis. I'm in Austin. They're driving around my town now. Waymo. This is amazing technology. By the way, it's more reliable than humans.
02:07 Kenny Porcari
Yes, but do you enter Waymo?
02:08 Daniel Newman
absolutely. you? absolutely. Don't think about it again. Look, Waymo, Waymo is far better than the average Uber driver. That's a data-driven fact. I'm a data-driven guy.
02:20 Kenny Porcari
right.
02:20 Daniel Newman
But the bottom line cares if Doordash can be delivered to you by drone? Or, by the Optimus robot, or on the right, we don't. But the question is, consider the number of people who created the gig during the gig economy. Well, they can't make enough money in their first job and now they drive Ubers. What happens when all of that is replaced? This is just an example of potential exchanges, confusion, and displacement.
02:51 Kenny Porcari
confusion?
02:52 Daniel Newman
So, overall, what we're looking at is that time is the biggest problem here. What I fundamentally believe as a techno optimist is because I fundamentally believe that the AI revolution will create a boom. Kenny is thinking about $30 trillion in economic growth.
03:10 Kenny Porcari
right. yeah yeah.
03:11 Daniel Newman
But historically, changes have taken years. Probably five or ten years. This happens very quickly.
03:20 Kenny Porcari
right. This has not happened over that period. It's happening much faster. And I think that's really overwhelming for people, right? So, when you think about it, when you think about the birth of AI, when do you actually identify the birth of AI?
03:36 Daniel Newman
So, there's a lot of debate, but there were universities and academics who were talking about AI in the 1950s. Well, the algorithm started playing in UH 40 years ago. Well, the idea that AI is new is not. It has existed for a long time.
04:02 Kenny Porcari
It's new to the mainstream.
04:03 Daniel Newman
Well, it was like I was looking at it and doing something that many of us haven't really made it happen for a while. Like the voice-to-text translation, like the time we were able to do it on our device. We never thought about it again. If you've been using the UH Google application for a long time, Google would start to complete the sentences. It's been several years since this kind of technology existed. Well, netflix, the ability that it recommends to you. So, all of these are the kind of thing that is considered ML, machine learning, advanced analytics, and the ability it says, oh, do you like this movie, do you like this coffee? You are all ai.
04:54 Kenny Porcari
right.
04:55 Daniel Newman
But obviously, what we're seeing is that we're actually making things for you, rather than recommending something to you or filtering by getting the right thing in Google search. And your point about the agent, Kenny, it can not only make things, but also do things. You can create this document, create it, and post it on my social.
05:13 Kenny Porcari
right. That means this is a simple example.
05:15 Daniel Newman
Well, no, that's a simple example.
05:17 Kenny Porcari
But that's very realistic. Because what I found is that chat gpt really understand who I am because you use it more. That understands my voice. It understands how I speak, how I write my own sentences, how I use my language, right? It may be different from how you use it, but that understands me. That's a bit unsettling.
05:46 Daniel Newman
Incidentally, it can be understood, and actually conveyed it. For example, you could say that you actually remember this in the chat GPT. You should remember how I write this, or when it comes to the end, and you are like this creation because we do a lot of our research with AI. But you can get to Kenny's results like this reads like me, and you can say you remember this.
06:14 Kenny Porcari
So, let's talk about you, we started with a very basic AI. Apparently, it feels like it's at least in elementary school now, right? Now we're talking about Gentic Ai. Next, you'll make a leap to the next Quantum computing, right? We are holding Investor Day on the New York Stock Exchange today and are located in IS in that space at the cutting edge of quantum computing, just as we started IONQ listed on the New York Stock Exchange. Tell the audience what that means.
06:49 Daniel Newman
Again, Quantum is more than just a show boomer, it's a leap. Sorry, Quantum will be this next wave of truly powerful abilities. That would be a kind of work in parallel. And that's something that many people don't understand. It's not like the AI leaves and Quantum enters the space. Quantum is an additive. Incidentally, Quantum is not all one thing. For example, you can use Quantum Networking. For example, we talk a lot about cryptography.
07:14 Kenny Porcari
Yeah.
07:14 Daniel Newman
Currently, one of the biggest risks in the world to our financial and financial systems is the fact that quantum cryptography can break encryption. It can break RSA security, the security used to protect blockchain and protect Bitcoin. Well, that could happen in just a few years. The Ministry of War is considering this. One of the things announced today at this IONQ event was that it was a major concern. Therefore, quantum security actually helps prevent it. That's one of the really important use cases.
