Marks notes that while the internet transformed society, 99% of internet stocks from 1999 are worthless.
“Can you imagine the world today without the internet? And yet I imagine that 99% of the internet stocks that came out are worthless today.”
Marks says AI will change the world and has been successful, with investors piling in.
“I think there's relatively little doubt that AI will change the world. And AI has been successful as an investment, and people are piling in,”
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.”
Marks notes OpenAI revealed their new model helped build itself, which he finds eye opening.
“OpenAI brought out a new model. And in the descriptive materials, they said that the that the model helped build the model, which is really eye opening.”
Marks argues AI differs from prior technologies by designing jobs autonomously rather than just doing assigned work.
“AI, it's it's different. It's not just gonna do the job we used to do. It's gonna design new jobs. Mhmm. It's gonna assign new jobs.”
Marks argues AI differs from prior technologies by autonomously designing and assigning new work without instruction.
“It's gonna take on work we didn't think it could do, and it and and it's gonna operate, at some point in time without instruction.”
Marks lists historical technological innovations from railroads in 1860s through internet in 2000 as comparisons.
“So the technological innovations I'm talking about, let's just for a starting point, let's say the railroads back in the 1860s And then radio in the nineteen twenties, the automobile, computers in the nineteen fifties and sixties, internet in 2000.”