What a fascinating topic you raised! I just wanted to offer my humble responses to these questions because you really made me think.
WARNING! I AM
1. The benefits of the data and AI advances will not be equally beneficial to all individuals nor all Companies. As far as investing goes, Denny is probably right: “Buy the basket and sell the losers.”
Yup and yup.
2. A lot of business hopes for advancement lie in increased benefit to advertising and marketing expense, which is a very valid use of technology, but maybe not the most valuable of possible benefits to mankind.
Yup and “mmmaybe not”. /sarc
3. I’m not sure where all the ‘unorganized’ data is coming from. Isn’t most desired data (outside of
medicine, maybe) being generated directly by some form of systematic computer calculations or input? Credit card data, for example–product, price, location, time, income, other purchases, etc., are already available and if they aren’t ‘organized’ well shame on someone. What advancements are needed here? I’m not saying they don’t exist, only that I haven’t identified them.
From what I have read about the big data integration wave that’s supposed to change the world (or at least business), “un-structured” data can include email, Powerpoints, videos, phone calls, machine vision I suppose, and god knows what else. It all seems imaginary to me.
4. Once a certain level of advancement is accomplished, especially in AI, this may necessitate either the end of many companies’ current efforts to make that very advancement, or a seldom seen industry consolidation. Isn’t it likely that someone may (probably will?) achieve advances in AI to the point where other AI efforts become redundant and worth very little or nothing?
Maybe so. But what seems more likely to my gut is that just as ubiquitous electricity led surely to the integrated circuit, this board and this topic of discussion, the deployment of big data will lead to the emergence of currently-unthinkable ideas. Abraham Lincoln could never have imagined a phonograph, let alone an iPod. Fred Flintstone thought everything had already been invented and they didn’t even have electromechanical sirens.
5. Any huge leaps in data interpretation will surely end the need for many more jobs and possibly entire industries than it will create.
As robotics is already.
6. How will our growing populations support themselves?
YES!! As Denny noted as well. What are we going to do about that? What happens when “full employment” equals 10%, or 1%, of able bodied adults? How do the rest of us “earn our keep”? It seems to me that we would have to completely re-imagine the entire economy, nay, the entire society. Am I wrong? Where do you start?
7. As far as gadgets, am I the only one who doesn’t want a watch to tell me that I missed a 30-minute physical workout this week (shame on me!) or that gas is building up in my digestive tract? Am I being ignorant to remain unimpressed?
I can say definitively that that you’re not entirely alone… But I can no longer imagine (except in post-apocalyptic nightmares) being without my phone, or this computer. Here again, my thinking is along the same lines as #4 above. (If you want to see some completely wacked-out visualisations of gadgetry, I highly recommend “Black Mirror” on Netflix.)
- Can we vote on where to put efforts for big data, artificial intelligence and machine learning? If so, I vote MEDICINE and elimination of POVERTY. If not, why not?
I’m totally with you. I’d just add elimination of global hunger, and global accessibility to education.
Again, JMHO, with no guarantees of validity or usefulness.
Many thanks to all the contributors to this, what can only be the best investing board anywhere. I thank you all for your willingness to share your thinking with others. I have gained so much in so many ways.
The name’s “Jack”, not “Master”