Marks states nobody can specify what AI will do, when, for whom, or how much profit it will produce.
“I've never heard anybody tell me exactly what AI will be able to do or when or for whom or how much profit it'll produce and for whom.”
Marks argues tech companies' incremental profitability is enormous because virtual products have almost no marginal cost.
“Their incremental profitability is enormous. When your product is virtual and you're selling one, you're making some money, you want to sell two, there's almost no cost in the second one.”
Marks cites Buffett's distinction that productivity gains from Internet and AI may not translate to profitability.
“There's no doubt that the Internet will produce a great increase in productivity. It's not clear that it'll have a positive impact on profitability. And I think the same is true of AI.”