What If AI’s Biggest Impact Isn’t Jobs, But Minds?

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Merryn Talks Money 36 min 3 speakers 4 chapters transcribed 4 months ago
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Merryn Somerset Webb 1:34
Welcome to Meron Talks Money, the podcast in which people who know the markets explain the markets. I am Meron Somerset Webb, and this week I am speaking with Tom Slater of Bailey Gifford. He is an investment manager inside the private companies team. He's head of the U.S. equities team. But crucially, I think most of you will know him as the manager of the Scottish Mortgage Investment Trust, which I strongly suspect most listeners hold. And by the way, I also hold. I invited Tom on specifically because I wanted to talk about an essay he's published recently called AI isn't coming for your job. It's coming for your mind. It's about how AI is reshaping the way we think at a fairly extraordinary speed.
Merryn Somerset Webb 2:15
And what that means for us, for workers in general, for companies and crucially for society. It's a really interesting one. We can put in a link, can't we, Tom, at the end so people can read it for themselves as well. Oh, absolutely. Yep. Okay, great. Anyway, I wasn't supposed to say that. I'm supposed to say, before I start talking to you, I'm supposed to say, Tom, welcome to Merrin Talks Money.
Tom Slater 2:34
Thank you very much for having me. It's great to be here.
Merryn Somerset Webb 2:37
I'm really interested in this. I can't tell you how much it resonated with me. Normally, when we're talking about AI, we talk about the investment. We talk about, is there a data center bubble? We talk about how it's going to take everyone's jobs. We talk about how it will reshape the economy. And while there are occasional conversations about how it might actually reshape our brains and even our consciousness, that is not people's focus. And actually, the truth is, it's probably the most important thing of all. It's an awful lot more important than the valuations of AI companies and AI adjacent companies, right? What's happening in your head. So let's talk about how you started thinking about that.
Tom Slater 3:16
I guess it's a topic that is at the top of people's minds at the moment. In one way or another, we're all being affected by this technology, thinking about what it's doing to society. And I guess from books that I'd read, I just started wondering about whether we were focusing on the wrong question. Because this is very obvious, you know, are our jobs all going to be automated away by this technology? And we can get into that. But the more I thought about it, the more it seemed to me, actually, that wasn't the issue. Because it assumes sort of stasis. It assumed that humans would stay the same and this technology would get better and we would be displaced. But actually, all the evidence suggests that it changes the way we think.
Tom Slater 4:00
So if there isn't some sort of stable balance between us and the machines, we adapt. So a simple example for me, you know, I lived in Edinburgh for 30 years.

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