Business leaders say artificial intelligence will change the economy.

Nov 11
During the second day of the Bloomberg New Economy Forum in Singapore, global business executives discussed how new technologies will alter how people live and work in a world that is becoming more fragmented.

Ken Griffin, the creator of Citadel, stated on Thursday that "generative AI is the next big thing in machine learning." "Corporate America will need to take note of this and concentrate on finding ways to increase productivity."

Longtime industry veteran Jeffrey Katzenberg claims AI will drastically lower the cost of producing successful animated movies, and GRO Intelligence's founder and CEO, Sarah Menker, claims machine learning is assisting in the global forecasting of supply, demand, and price for all agricultural commodities.

The international economy is fractured; tensions between the two biggest economies in the world and conflicts in Europe and the Middle East are making businesses and investors reevaluate their business models.

Rising geopolitical tension has winners and losers, according to Bloomberg Economics chief economist Tom Orlick. "But the overall picture is concerning."

Although the first day of the three-day forum was dominated by these worries, Thursday's discussions were more about how technological advancements might benefit businesses and society as a whole. According to Griffin from Citadel, artificial intelligence is already helping his company.

"The digital transformation of the entertainment industry will accelerate by ten times with the introduction of artificial intelligence," noted Jeffrey Katzenberg, a well-known production executive at the film studios of Walt Disney Co.

The chairman of Alberta Investment Management Corp., Mark Wiseman, praised AI's potential advantages as well but issued a warning that adoption would be gradual.
He declared, "We'll be in the same boat as with other technologies." The world will alter as a result. It will take longer, and it will alter the world in unexpected ways."

Griffin also urged Western nations to boost their nuclear energy spending to reduce global carbon emissions. According to Griffin, "China is one of the few nations that is making significant investments in nuclear power again." "In the West, nuclear power is necessary."

China is also setting the pace for the use of electric cars. As stated by Inception Technology's founder and CEO, Julian Ma, the company creates software for self-driving trucks.

Speaking at a conference session, Ma said that completely autonomous trucks, or "cargo robots," will soon be a thing. These vehicles will be driverless, dispatched, and digitally controlled from the cloud.

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