Ken Griffin

Well, I mean, first of all,

Like I said, these corporate executives shared really great stories, like how they increased their ability to put 15% more cargo onto a train, onto a shipping vessel.

I mean, that's just money right to the bottom line.

Less environmental impact, higher margins, that's good business.

So the upshot of this is that corporate America is securing gains from the use of technology again.

I think they're just securing a greater share of those gains from the uses of more traditional technologies, optimization technology, longstanding machine learning technology, and less of their gains are coming from generative AI.

Now having said that, with the enormity of the investment that's being made in the field of artificial intelligence,

I think there is some chance that we will see meaningful progress in this field that will change the calculation or calculus that I'm setting forth.

There are so many bright people in their 20s and 30s trying to unlock

trying to unlock true intelligence, that this does create the environment in which a breakthrough may happen.

But I think that generative AI, as we know it today, will have a very pointed but relatively limited impact on the broader economy.

Call centers are being completely re-architected by generative AI.

Translation of documents between languages, completely re-architected by generative AI.

But most of the white-collar work, for example, that we do at Citadel, very modest impact so far.

In fact, Harvard Business Review did a great piece on this, and it was called AI Work Slop, which basically you find that the younger generation tends to use AI to create work product that more seasoned professionals look at and go, that's just wrong.

And the net productivity gain is therefore de minimis because you go back and have to redo the work with more senior people.

I was with one of my partners and we were going through an interesting problem and he handed me a report and the first few sentences were very insightful and then the rest was just gibberish.

And I said, so how did this come to be?

Chat GPT.

And that was frightening because if I did not have the domain expertise that I had, I probably would have accepted the totality of the product.