American entrepreneur, venture capitalist, and businessman Mark Cuban has predicted that the world’s first trillionaire would be someone who would emerge from pioneering Artificial Intelligence (AI).
With the rapid rate at which AI is occurring, Cuban says people who master it will make a fortune out of it.
In his words,
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“I am telling you, the world’s first trillionaires are going to come from somebody who masters AI and all its derivatives and applies it in ways we never thought of”.
Cuban highlighted the limitless potential of AI for wealth generation, suggesting the biggest fortunes would come from leveraging AI in novel, groundbreaking ways.
The serial entrepreneur who is a strong advocate of AI, foresees the advanced technology becoming part of daily life for everyone, from students to CEOs, and stresses the need to become proficient in the use of AI.
He had earlier stated that those who do not know AI are going to fail. In his words, “If you don’t know AI, you are going to fail. Period, end of story. It will have a significant impact on every single thing that you do, there’s no avoiding it.”
Despite his strong advocacy for AI and its adoption, he has urged policymakers to foster strong relationships with AI developers and communicate with leaders of the industry in order to steer its development toward safety and security.
However, despite the risks, AI holds immense potential for the future, as technological advancements are growing exponentially, with computer chips doubling in power every year.
As AI advancements continue at a rapid pace, established tech giants find themselves up against a new wave of innovators. The narrative is yet to unfold fully, but AI’s potential to transform wealth creation, industries, and daily life is undeniable.
Cuban’s advice to companies is to get in on the AI game or they would risk playing catch up to firms that have adopted it. He says there are two kinds of companies in the world, those who are great at AI, and everyone else.
Some companies are already ahead of the curve and are making huge investments in AI to catch a significant chunk of this potentially mega-huge industry. A case study is American multinational corporation and technology company Nvidia which has made AI a major focus.
The company has already hit a remarkable feat, after it surpassed the $2 trillion market capitalization, as it continues to benefit from the robust demand for its next-generation chips for artificial intelligence models.
It took NVIDIA around nine months to attain the $2 trillion milestone from the $1 trillion market capitalization as of Jun 14, 2023.
With the growing demand for AI to modernize the workflow across industries the global generative AI market size is anticipated to reach $66.62 billion in 2024 and $207 billion in 2030, according to a report by Statista. The market is expected to expand at a CAGR of 20.8% from 2024 to 2030.
Notably, the adoption of ChatGPT among enterprises has already proven generative AI technology’s usefulness across multiple industries, which includes marketing, advertising, customer service, education, content creation, healthcare, and automotive, amongst others.