July 25, 2024
Tech Takeover: For Better or for Worse?
Have you noticed your social media seems to know you these days? It continues to improve in relevance, and it is only showing you content that will likely interest you (by giving a “like” or making a purchase). With the rapid development of artificial intelligence (AI), the computer is no longer instruction-driven; it has developed to become intention-driven. This means it knows you without you telling it what you want. Hence, “search” will soon be history.
For those of you who think Tesla is an electric vehicle manufacturing company, you have missed the fact that it is the pioneer in “full self-driving” software. Every Tesla on the road has been collecting driving data and sending it back wirelessly to their data centre; imagine a robot sitting next to you to learn to drive, and there are hundreds of thousands of them on the road. The cameras serve as their eyes and they are quietly observing to become (replace) you, the driver. Tesla probably has many billions of miles of driving data, and that software is improving every day. I have personally test driven a Tesla using its full self-driving option and I can tell you the result was amazing and certainly surpassed any expectation. One day cars will “talk” to each other (something humans cannot do) and the roads will be very safe.
We have said many times, we are living in a very interesting time. We are right at the inflection point of technology (through innovation) replacing old standards. The last time we had something similar was back in the 2000s when the iPhone was launched. One gadget effectively replaced multiple gadgets that used to be sold at RadioShack (that also became history). Artificial intelligence, both software and hardware, will dramatically change our lifestyle in the coming years in respect to speed (productivity), relevance, accuracy, and creativity. Be prepared for a lot of “wow” moments just like the one I had when I tested the “full self-driving” feature on a Tesla vehicle.
As investors, we have been “forced” to understand the AI trend to stay ahead, and we are happy to share our insights with you. It is fair to assume that AI is not just going to impact your investments, but also your lifestyle and possibly your career.
About the Author
Alfred has more than 18 years of experience specializing in portfolio design, asset allocation, manager and fund selection, and risk management. While at CI Global Asset Management, Alfred has brought unique ideas and processes to the management of the team’s multi-asset strategies, including a mean-reversion currency management strategy, the concept of investing in concentrated and benchmark-agnostic portfolios, and a new approach to risk management. In addition to the Chartered Financial Analyst (CFA) designation, Alfred holds an MBA from the York University Schulich School of Business, and is a member of the CFA Institute and the Toronto CFA Society.
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