WEBVTT - Tim Culpan on Tech (Radio)

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<v Speaker 1>Bloomberg Opinion informed perspectives, an expert, data driven commentary on

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<v Speaker 1>breaking news. Well, Hi, everybody, this is Bloomberg Opinion with

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<v Speaker 1>Tim Culpan, Bloomberg Opinion columnists joining us to look back

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<v Speaker 1>at what might have been. It might have been one

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<v Speaker 1>of the worst years for the tech industry that we've

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<v Speaker 1>seen in some time, and whether or not we might

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<v Speaker 1>see some light in the coming year. Tim, what say

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<v Speaker 1>you is you know, is it was it actually a

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<v Speaker 1>good year or a bad year? Well, the numbers point

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<v Speaker 1>a really bad year. The NANSDACK is on track for

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<v Speaker 1>its worst year in a decade, possibly two decades, depending

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<v Speaker 1>on how it plays out the next couple of days. Uh,

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<v Speaker 1>And of course the NASTAC is tech heavy. We also

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<v Speaker 1>saw crypto meltdowns after quite a lot of drama going

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<v Speaker 1>on this year in crypto. We saw a continuation of

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<v Speaker 1>some supply chain issues and chips being all out. Actually

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<v Speaker 1>see it as a good year because it's set up

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<v Speaker 1>a very good future. There's a lot of things that

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<v Speaker 1>happened to you that I think will make the next

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<v Speaker 1>five to ten years for tech very very exciting. And

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<v Speaker 1>to that end, Tim, you talk about the new paradigm,

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<v Speaker 1>I mean, what is that? Is it about algorithms? What

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<v Speaker 1>are we what are we waiting to see? Well, one

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<v Speaker 1>of the things that that we know is coming, we

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<v Speaker 1>don't know quite when is quantum computing. Now quantum computing

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<v Speaker 1>in a nutshell incident, Instead of crunching numbers in binary units, bits,

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<v Speaker 1>ones or zeros, you can do it in larger chunks

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<v Speaker 1>of information at a time. Uh. And that is really

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<v Speaker 1>really exciting, except if you're in charge of security, because

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<v Speaker 1>security would be could be compromised by quantum computing because

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<v Speaker 1>they're so powerful. But new standards came out this year,

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<v Speaker 1>new algorithms and equations for encrypting information that should make

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<v Speaker 1>the future quantum safe. This is very very geeky stuff

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<v Speaker 1>and there's really only a handful of people in the

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<v Speaker 1>world who are going to be getting their hands dirty

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<v Speaker 1>on is. But it is very important for the future,

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<v Speaker 1>for for email, for fintech, and and all sorts of

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<v Speaker 1>other applications that require security. And what this means is

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<v Speaker 1>that the industry can start moving forward, getting ready deploying

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<v Speaker 1>new systems and networks and infrastructure over the next few years,

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<v Speaker 1>knowing that you know, twenty years down the track, they

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<v Speaker 1>will be safe so it's the kind of thing that

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<v Speaker 1>that was sank below the surface of visibility this year,

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<v Speaker 1>but it was very important and it does make the

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<v Speaker 1>future of a post quantum era very very exciting. There

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<v Speaker 1>are always ethical issues tied to developments in artificial intelligence,

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<v Speaker 1>and just recently, I mean it's really only the past

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<v Speaker 1>couple of months that we've heard people talking about chat

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<v Speaker 1>GBT and that the fact that in that kind of

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<v Speaker 1>of intelligence, you know, you can get all kinds of

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<v Speaker 1>creative stuff put together, are the big ethical questions with

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<v Speaker 1>how far we can go there our huge questions. I

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<v Speaker 1>mean chat GPT and some of the chat apps have

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<v Speaker 1>now been used to write college essays, which of course

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<v Speaker 1>is a big problem for for sagearism and academic ethics.

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<v Speaker 1>But then we also have, you know, on the artwork

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<v Speaker 1>side and the visual arts side, we've got Daly and

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<v Speaker 1>various others that create artwork. You just type in a

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<v Speaker 1>few things like, uh, you know, draw a photo of

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<v Speaker 1>Brian and Doug sitting in a microphone and you'll do

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<v Speaker 1>it for you right, um And and that's exciting, but

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<v Speaker 1>nobody would want to see that. We all have a

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<v Speaker 1>good face for radio, don't we. Um. So The thing

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<v Speaker 1>about that is that it sucks up and hoovers up

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<v Speaker 1>a lot of photos and graphics out there on the

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<v Speaker 1>internet with our permission. So it's actually basing it on

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<v Speaker 1>real artwork made by real human artists and then adapts

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<v Speaker 1>that and uses that style. That's a real ethical issue

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<v Speaker 1>because essentially it's theft. It's it's ip and artistic theft.

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<v Speaker 1>So that's a big problem going forward. It really could

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<v Speaker 1>put out a lot of people out of out of jobs,

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<v Speaker 1>out of work. But you know, progress technology and progress

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<v Speaker 1>does that. You know, we don't have people making buggy

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<v Speaker 1>whips anymore because we have motor cars. So you know,

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<v Speaker 1>there is definitely a lot of ethical issues with AI,

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<v Speaker 1>but a lot of the developments we've seen in the

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<v Speaker 1>last top of months are very very exciting and and frankly,

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<v Speaker 1>it's progress and you can't stop progress. Tim one thing

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<v Speaker 1>that's defined is to take war within the US and China.

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<v Speaker 1>The US now wants to onshore chip production. TSMT has

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<v Speaker 1>already set up shop in Arizona. Will it work? Will

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<v Speaker 1>the US realize his dream? Well? I think their dream

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<v Speaker 1>is very grand. It's basically a moonshop project. I think

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<v Speaker 1>I think it'll be harder for them to get chip

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<v Speaker 1>independence that it was for the US to land a

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<v Speaker 1>man on the moon sixty years ago, But they're trying.

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<v Speaker 1>I think they won't get to full chip independence, but

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<v Speaker 1>clearly TSMC, as well as Samsung and even local names

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<v Speaker 1>like Intel on Texas Instruments are spending a lot of

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<v Speaker 1>money to build fabs. T SMC will bring some of

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<v Speaker 1>that technology to the US. They will still lag Taiwan,

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<v Speaker 1>but they'll get closer and closer to their goal. Just briefly, Tim,

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<v Speaker 1>did blockchain and cryptos get kicked in the knees this year?

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<v Speaker 1>Ah seriously got a real low blow this year across

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<v Speaker 1>the board. Obviously, the stuff that happening at FDx is

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<v Speaker 1>is what everyone's talking about now. It's a real dense

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<v Speaker 1>to the credibility of the crypto space. But you know

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<v Speaker 1>what happens is that a lot of it, It clears

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<v Speaker 1>out a lot of the charlatans in the industry, and

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<v Speaker 1>there's a lot of them, makes it stronger in the

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<v Speaker 1>long run. Many thanks s Bloomberg opinion columnist Tim Culpen.

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<v Speaker 1>You can find that on the terminal by typing O

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<v Speaker 1>p I n GO