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The Oracle of Omaha’s Insights on the Age-Old AI Dilemma
Warren Buffett’s Views on Artificial Intelligence
Warren Buffett has openly admitted his limited knowledge about artificial intelligence, aligning with his principle of avoiding technology beyond his expertise. Despite this, his significant investment in Apple, his primary stock holding despite recent reductions, was driven more by its consumer appeal than its technological aspects. Speaking at the Berkshire Hathaway annual meeting, Buffett acknowledged the unavoidable discussion of AI among shareholders.
Buffett addressed various concerns regarding artificial intelligence, describing it as profound and likening it to a “genie” with potentially catastrophic consequences once unleashed. He highlighted fears ranging from the potential for extensive scamming facilitated by AI to the risks associated with breakthrough scientific advancements comparable to nuclear weapons, posing threats to humanity. The impact of AI on daily life remains a pivotal question that even the best economists have struggled to answer for decades.
Discussing the potential outcomes of AI, Buffett emphasized the possibility of creating significant leisure time for individuals. However, he raised uncertainties about how people would utilize this leisure time, contrasting it with his preference for engaging in problem-solving activities rather than seeking more free time.
The Role of AI in Productivity
Buffett referenced the insights of John Maynard Keynes, a prominent economic thinker, who accurately predicted exponential growth in per capita output but failed to anticipate how increased productivity would be utilized. Keynes, known for advocating government interventions during economic crises like the Great Depression, is revered for his macroeconomic contributions, including the influential book “The General Theory of Employment, Interest, and Money,” recommended by Buffett.
Recent data from the Bureau of Labor Statistics indicates a notable surge in productivity over the past few quarters, with a 3% year-over-year increase. Corporate leaders have attributed this rebound to various factors, including AI integration and the transition back to office settings. While acknowledging the slow progress in realizing AI’s full potential, experts anticipate significant productivity enhancements in the future.
IBM’s Gary Cohn highlighted the rapid adoption of AI across industries, emphasizing its gradual yet impactful contributions to labor productivity. Companies are strategically allocating resources to leverage AI for enhancing customer experiences and operational efficiency, paving the way for sustained growth.
Dev Ittycheria, CEO of MongoDB, emphasized the evolving nature of AI applications, urging businesses to prepare for transformative shifts in workflow automation and customer engagement. As companies explore the value propositions of AI, the market anticipates substantial advancements in leveraging AI infrastructure for innovative solutions.
Challenges and Opportunities in the Age of AI
Historically, productivity booms driven by technological advancements have been rare occurrences, often reshaping economic landscapes without a corresponding surge in job creation. Concerns about job displacement due to AI innovations have sparked debates on the necessity of universal basic income to mitigate financial insecurities resulting from automation.
While some argue that AI will enhance human capabilities by automating mundane tasks, surveys indicate a significant portion of workers have already been replaced by technology. The discourse on the impact of AI on employment underscores the need for proactive measures to address potential job losses and ensure economic stability.
Reflecting on past productivity paradoxes, experts caution against oversimplifying the relationship between technological progress and labor dynamics. Buffett emphasized the importance of maintaining a balance between technological efficiency and human welfare, drawing parallels to historical events like the use of atomic bombs during World War II.
In conclusion, the evolving landscape of AI presents both challenges and opportunities for businesses and society at large, requiring a nuanced approach to harnessing its potential while safeguarding human interests.
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StageX: Investing in 5G Future or Facing Business Risks?
StageX pays 43 billion won, 10% of 5G 28GHz frequency allocation fee
Registered as a primary telecommunications business operator and disclosed major shareholders and partners such as Yanolja and Douzone Bizon
‘Real 5G’ slogan… Currently 50 billion secured, 600 billion secured for commercialization in the first half of next year
More than 1 trillion earned is spent on frequency balance and investment in facilities… Business feasibility, etc. Meeting times remain the same
On the 7th, Stage
On this day, Stage
The participants of the consortium who were shrouded in mystery were also revealed. Cam Five, Yanolja, and Duzone Bizon participated in the consortium as shareholders. In addition, Yonsei University Health System (Dismissal Hospital), KAIST, Intellian Technologies, Taiwanese manufacturer, Foxconn International Holdings, and Shinhan Investment & Securities plan to cooperate as financial and strategic investments and business partners.
Platform A company official explained, “Considering financial costs, etc., we only covered the frequency payment and operating costs first, and we plan to raise the remaining 150 billion won by the third quarter.” Stage
Platform Kim Ji-yoon, a cloud computing and networking expert and former CTO of Hyundai Autoever, was appointed as Chief Technology Officer (CTO), and leader-level personnel were also recruited from LG U+ and KT. On the 2nd, a memorandum of understanding (MOU) was signed for strategic cooperation with Rakuten, Japan’s fourth mobile carrier.
The outlook for the future of StageX, which will commercialize its services in earnest in the first half of next year, is mixed. Although there are expectations that it will play the role of a ‘catfish’ that will shake up the oligopolistic telecommunications market, there are also many concerns that the sustainability of the business is low.
First, questions are raised about the viability of new businesses that require large-scale funding in a situation where the telecommunications market has reached maturity. In the ‘Qualifications and Requirements for 28 GHz New Business Operators’ debate held in the National Assembly last month, hosted by the office of Democratic Party of Korea Representative Byun Jae-il, it was predicted that the fourth mobile carrier would need at least 1 trillion Won in capital for facilities and marketing costs in order to compete with existing operators.
In addition, the 5G 28GHz allocated to the Platform is suitable for business-to-business (B2B) business in a limited space, but the specific business plan has not yet been revealed. In the end, if you focus on a consumer business by borrowing an existing telco’s network to make a profit, it will be no different from a budget phone and will not fit the purpose of its launch.
Rakuten Japan has previous experience in providing 5G 28GHz services, so it is considered a reference case for StageX. However, some point out that it is difficult to see it as a ‘success story’ as its market share was only 2.2% last year and it is suffering from management difficulties.
#step #4th #mobile #communication #business.. #question #mark #settling
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