Warning: Here’s Why Investors Need to Embrace AI
|By Jordan Chussler
There’s a lot of chatter about artificial intelligence these days, some good and some bad.
Some good: Google Cloud is partnering with the Mayo Clinic to use generative AI to improve healthcare processes.
According to CNBC, “In healthcare, the technology should allow workers to interpret data, such as a patient’s medical history, imaging records, genomics or labs, more quickly and with a simple query.”
Some bad: AI could be coming for your job.
In late March, the BBC reported that AI could replace the equivalent of 300 million jobs, and that the presence of competitive AI could drive down wages in numerous industries.
Good or bad, it’s critically important to understand that …
AI Isn’t Going Away
It’s human nature for people to be resistant to change. But when objection to inevitable progress occurs, it’s the objectors who ultimately lose.
Take, for example, those who are avidly against the transition to electric vehicles. They simply fail to recognize it’s inevitability.
The people arguing that you can’t charge an EV in the aftermath of a hurricane when the electrical grid is down don’t realize you also need electricity to power pumps at gas stations to fuel internal combustion engine vehicles.
And while they were yammering about government overreach for incentivizing the shift to green energy — while simultaneously ignoring the fact that the government incentivized and subsidized fossil fuels for decades — they missed out on life-changing investment opportunities.
Look no further than Tesla (TSLA), the world’s premier EV-maker.
Despite Tesla CEO Elon Musk being as likable as anchovies on a pizza or any of the Kardashians whose first names begin with “K,” the company’s stock has surged 970% over the past five years.
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The same goes for the inexplicably anti-solar energy crowd.
Rooftop photovoltaic arrays are not part of some insidious plan by coastal elites to put industrious coal miners out of work … no matter what Tucker Carlson says.
But while those very people were parroting his rhetoric, they missed out on shares of First Solar (FSLR) gaining over 486% since March 2020.
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The point here is simple …
The Market Doesn’t
Care About Opinions
And letting your opinion get in the way can be the fastest route to portfolio mismanagement.
Here’s the truth: You don’t have to like something to invest in it. You do, however, need to recognize its potential as a disruptive market force.
AI is nascent, and its profit potential is enormous.
By some estimates, the opportunity could reach as high as $15.7 trillion, according to a report by consulting giant PricewaterhouseCoopers.
Forecasts by PwC analysts call for AI to contribute 26% to the global economy by 2030.
For intelligent investors, it’s time to embrace change.
Don’t get left behind with the same naysayers whose hatred of EVs and solar panels caused them to miss out on explosive growth in shares of TSLA and FSLR.
But with any new tech, it’s always smart to be wary …
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Until next time,
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