WEBVTT - New Technologies Driving IT Market

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<v Speaker 1>You're listening to Bloomberg BusinessWeek with Carol Messer and Tim

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<v Speaker 1>Stenebek on Bloomberg Radio.

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<v Speaker 2>So Carol, well, pretty much through earning season and like

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<v Speaker 2>last quarter one theme has been clear. It was clear

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<v Speaker 2>today HEFN with Mango TB's results. Right, Companies of all

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<v Speaker 2>stripes are embracing AI, and for good reason. Take Wall

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<v Speaker 2>Street for example, Banks using generitive AI tools could boost

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<v Speaker 2>their earnings by as much as three hundred and forty

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<v Speaker 2>billion dollars annually through increased productivity. It's a nine to

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<v Speaker 2>fifteen percent increase in operating profits. That's according We should

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<v Speaker 2>note to a McKinsey Global Institute report that was published today.

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<v Speaker 2>We know they kind of want you to use AI. Kris,

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<v Speaker 2>then you'll hire them consult me ya, you.

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<v Speaker 1>Can look back to ou AI. All right, We've got

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<v Speaker 1>a great guest to give us an idea though, of

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<v Speaker 1>where companies are going to be spending money when it

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<v Speaker 1>comes to it in the new year. Crawfordal Prett back

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<v Speaker 1>with us President the global market intelligence firm IDC International

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<v Speaker 1>Data Corporation, also known as he joins us here in

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<v Speaker 1>our Bloomberg Interactive Broker Studio at Bloomberg Headquarters. Hello, Hello,

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<v Speaker 1>almost happy new year.

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<v Speaker 3>So great to see you guys, So.

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<v Speaker 1>Great to have you here. How are you thinking about

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<v Speaker 1>twenty twenty four?

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<v Speaker 3>So when we think about twenty twenty four, it's it's

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<v Speaker 3>it's a year of transition for tech. Twenty twenty three

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<v Speaker 3>was a year that people were extremely concerned about inflation.

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<v Speaker 3>They were extremely concerned about about the impact of inflation

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<v Speaker 3>on tech. And at the end of the day, we'll

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<v Speaker 3>see tech spending around about five percent, which continues the

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<v Speaker 3>trend that tech is just so core to what companies

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<v Speaker 3>do for next year. This five percent for twenty twenty three.

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<v Speaker 2>When you say tech spending, what is the umbrella that

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<v Speaker 2>that covers.

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<v Speaker 3>So think about information technology spending, So everything from devices

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<v Speaker 3>like personal compute devices, all the way through application software,

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<v Speaker 3>all the ways of the hardware, software, all of it,

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<v Speaker 3>and services.

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<v Speaker 2>What about cybersecurity.

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<v Speaker 3>Services, securities in there, any any it and professionals And

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<v Speaker 3>this is across is across the world, it's across it's

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<v Speaker 3>across all regions.

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<v Speaker 2>I would think it'd be higher five percent a lot.

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<v Speaker 3>Yeah, So five percent we've seen we saw it ramp

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<v Speaker 3>up to double that during COVID when we saw things accelerate,

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<v Speaker 3>but you know, we've seen it bounce in that five

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<v Speaker 3>to eight percent range for it's been pretty range bound

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<v Speaker 3>for quite some time. If you take out sort of

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<v Speaker 3>the two thousand and eight downturn, if you take out

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<v Speaker 3>the craziness that happened during COVID.

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<v Speaker 1>What kind of growth were we seeing prior to the

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<v Speaker 1>pandemic the year before.

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<v Speaker 3>So, prior to the pandemic, like I said, you know

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<v Speaker 3>we saw that in those years it was about seven percent. Yeah,

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<v Speaker 3>so it was kind of in that range.

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<v Speaker 2>Okay, why why isn't it higher? Why hasn't it grown?

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<v Speaker 2>As we've become more reliant on tech.

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<v Speaker 3>Every company, the tech you think about is hot, the

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<v Speaker 3>new hot thing it's and that stuff is growing, right,

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<v Speaker 3>So application software ten percent, and we've seen you know,

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<v Speaker 3>you think you think about the cloud thirty percent growth

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<v Speaker 3>now cooling.

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<v Speaker 2>To so companies are spending less on let's say a

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<v Speaker 2>PC for every person because they've come down in price.

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<v Speaker 2>These are commodities, and they're spending more on the cybersecurity

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<v Speaker 2>stuff that keeps there.

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<v Speaker 3>So it's actually worse than that. If you look at

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<v Speaker 3>something like twenty twenty three, it spending growth in PCs

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<v Speaker 3>got shalacked. It was down fifteen to fourteen percent. It

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<v Speaker 3>was down dramatically. Now, PCs are actually a thing that

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<v Speaker 3>moved the needle because every man, woman and child needs

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<v Speaker 3>a PC who's needs to be connected to the internet,

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<v Speaker 3>and they spend somewhere between eight to twelve hundred dollars

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<v Speaker 3>on a PC. So as PCs start to come back,

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<v Speaker 3>which we think that they will next year, they actually

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<v Speaker 3>move the needle on it demand. It's not uncommon to

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<v Speaker 3>see them move the needle a couple percentage points.

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<v Speaker 1>Why are they coming back next year.

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<v Speaker 3>They're coming back next year because there's because we saw

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<v Speaker 3>this huge increase during the pandemic, and they start to

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<v Speaker 3>get old and they start to age and they break

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<v Speaker 3>and people need to start replacing them as well. There'll

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<v Speaker 3>be a Windows eleven upgrade cycle next year and we'll

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<v Speaker 3>start to see new PCs that actually bring wait for it,

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<v Speaker 3>AI out to the edge. So you see a coprocessor

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<v Speaker 3>which will be able to run the AI workloads, and

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<v Speaker 3>we think that will start to fuel by the middle

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<v Speaker 3>of next year another upgrade cycle.

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<v Speaker 2>It's just like it's like what's old is new again,

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<v Speaker 2>except for what's not old AI that's I'm just really

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<v Speaker 2>surprised that we're not seeing the spend as a bigger

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<v Speaker 2>portion of revenue right now, partly because our jobs everywhere

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<v Speaker 2>have become so much more reliant on tech. Tech is

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<v Speaker 2>no longer you know, a segment. It's this layer that

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<v Speaker 2>sort of every company needs it.

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<v Speaker 3>And that's and that's why it used to be that

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<v Speaker 3>when GDP got the sniffles, tech would get pneumonia, tech

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<v Speaker 3>would collapse, everyone would pull over. That's no longer happening now.

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<v Speaker 3>So even though we've seen pullbacks, even in COVID where

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<v Speaker 3>we saw GDP go negative, it never went negative. It

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<v Speaker 3>went down to about one percent growth. So again it's

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<v Speaker 3>that it's that point him that people still have to

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<v Speaker 3>invest in it. And for the technologies that are in

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<v Speaker 3>this part of the central nervous system of an organization,

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<v Speaker 3>like application software, you're not going to get it out.

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<v Speaker 3>You might cut down the number of users with access

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<v Speaker 3>to it, but you're not going to get it out

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<v Speaker 3>of the organize.

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<v Speaker 1>How much uncertainty is there among companies the global corporate

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<v Speaker 1>community when it comes to the it it spend and

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<v Speaker 1>like pulling the button and saying we're going to make

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<v Speaker 1>the spend are they just nervous about kind of what's

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<v Speaker 1>to happen.

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<v Speaker 3>So the spend falls into a couple of categories. There

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<v Speaker 3>are definitely areas where you can pump the brakes, you

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<v Speaker 3>know what, push that server a little bit longer, don't, don't,

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<v Speaker 3>don't replace it. Maybe we don't. We don't, we don't

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<v Speaker 3>run that program to add a new application, so our

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<v Speaker 3>cloud spend doesn't go up. But when you get into

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<v Speaker 3>the core stuff that's running a business, not a lot

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<v Speaker 3>companies need to continue to invest.

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<v Speaker 1>I guess what I was trying to get to Crawford

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<v Speaker 1>is this whole idea of just all the geopolitical uncertainty,

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<v Speaker 1>and it just feels like when we get through kind

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<v Speaker 1>of one phase, something new comes. And obviously you know,

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<v Speaker 1>whether it's Russia, Ukraine, whether it's right now Israel, Hamas

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<v Speaker 1>continued tensions. Even though some things fee a little bit

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<v Speaker 1>better between US and China, they're still there. So I'm

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<v Speaker 1>just wondering how much of the geopolitical, if at all,

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<v Speaker 1>impacts the IT spend.

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<v Speaker 3>It does impact I spend. Things like energy prices are

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<v Speaker 3>definitely a headwind, and we see that in certain regions

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<v Speaker 3>inflation can be a significant headwind. I mean a company

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<v Speaker 3>is dealing with a bag of money that they have

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<v Speaker 3>to spend, so they definitely will pull back in inflationary times.

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<v Speaker 3>And that was a lot of the trepidation that we

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<v Speaker 3>saw this year where we thought at the beginning of

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<v Speaker 3>the year, boy, this we could really see the market

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<v Speaker 3>pull back in an inflationary environment.

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<v Speaker 1>So backs off in twenty twenty four.

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<v Speaker 3>So I think when you look at twenty twenty four,

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<v Speaker 3>you'll actually see more of a recovery. Our expectation is

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<v Speaker 3>back to Tim's point, we'll see a little stronger growth

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<v Speaker 3>and that'll be fueled by PC upgrade cycle, a moderation

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<v Speaker 3>of the pullback and the cloud again. Cloud went from

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<v Speaker 3>three infrastructure as the service went from thirty percent spending

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<v Speaker 3>this year down to about eighteen percent spending. So that'll

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<v Speaker 3>come back and be over twenty next year. And we

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<v Speaker 3>heard a lot about that pull back with things like Azure,

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<v Speaker 3>pullback with things like AWS. We're going to see that

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<v Speaker 3>start to moderate as companies. To your point, Carol, need

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<v Speaker 3>to start investing again.

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<v Speaker 2>But don't some of these clouds service providers, don't you

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<v Speaker 2>increase usage of them when business increases, Like if you're Netflix,

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<v Speaker 2>and you're using a cloud service provider as a CDN

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<v Speaker 2>right or you know, to help you with your CDN

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<v Speaker 2>and deliver content everywhere. The more people who are signed

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<v Speaker 2>up for Netflix means the more people are streaming content,

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<v Speaker 2>which means your bills with the cloud provider are going

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<v Speaker 2>to go up. So not necessarily a choice you have

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<v Speaker 2>whether you're going to invest or not.

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<v Speaker 3>That's right. And so that's a business that is born

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<v Speaker 3>on the cloud, and everything about their business is associated

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<v Speaker 3>with the cloud. So as they've ramped their business up,

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<v Speaker 3>they've been all in on the cloud. But if you

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<v Speaker 3>take a company and again making this up, but if

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<v Speaker 3>you take a company like an American Express, they might decide,

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<v Speaker 3>in tough times, you know what, we're not going to

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<v Speaker 3>invest in that incremental program in the cloud. We're going

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<v Speaker 3>to just stay where we're going to close to stay

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<v Speaker 3>where we are, and therefore that incremental dollar doesn't necessarily

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<v Speaker 3>get spent. So you really have to think about companies

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<v Speaker 3>in multiple categories. Yes, there are companies like Netflix that

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<v Speaker 3>were born on the cloud. Everything they do is there

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<v Speaker 3>are other companies that are continuing to move to the cloud,

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<v Speaker 3>and they may choose to move a little slower as.

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<v Speaker 1>You think about next year, are you more optimistic or

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<v Speaker 1>less optimistic?

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<v Speaker 3>Oh? Absolutely, we are a little bit more optimistic. We

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<v Speaker 3>feel like every day the lane associated with this off

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<v Speaker 3>landing gets a little bit wider. We see companies getting

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<v Speaker 3>more confident in their spending and that's why we're confident

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<v Speaker 3>that we'll probably see again a couple more percentage points

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<v Speaker 3>growth next year and recovery in some key categories. We'll

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<v Speaker 3>see stability in software, we'll see recovery and devices, and

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<v Speaker 3>we'll likely see areas that have been infrastructure bound, like

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<v Speaker 3>server and storage be fairly study.

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<v Speaker 1>So when people talk about recession, are you like, based

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<v Speaker 1>on what I'm seeing in terms of the expected it spend, you.

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<v Speaker 3>Say, yeah, we see that as there's definitely downside scenario

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<v Speaker 3>associated with it, but we see it as a lower

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<v Speaker 3>probability at this.

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<v Speaker 1>Time but spend, but just our lower probability in terms

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<v Speaker 1>of recession.

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<v Speaker 3>In lower probability in terms of a negative impact on

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<v Speaker 3>it stated.

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<v Speaker 1>Recession, all right, We're going to continue. I feel like

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<v Speaker 1>there's more that we want to talk about in terms

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<v Speaker 1>of AI and I'm just curious. You know, also, as

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<v Speaker 1>you talk to a lot of the clients and customers

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<v Speaker 1>out there, just kind of some of the things that

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<v Speaker 1>are top of mind for them. So we're going to

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<v Speaker 1>come back with Crawford del Preett. He's president at IDC

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<v Speaker 1>International Data Corporation here in our Bloomberg Interactive Broker Studio

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<v Speaker 1>because I'm thinking about Tim. We're just coming off of

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<v Speaker 1>all of the software, the application software companies, you know,

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<v Speaker 1>We've been going through their earnings reports. These many of

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<v Speaker 1>these names have been on fire this year.

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<v Speaker 2>Yeah, they have. But there's also some startups that have

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<v Speaker 2>been struggling in the space too, which I find really interesting,

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<v Speaker 2>and they've been doing layoffs and have trouble raising money

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<v Speaker 2>as well.

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<v Speaker 1>Crawford del Prett still with us, president at id C

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<v Speaker 1>Global Market Intelligence Firm, and he is still with us

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<v Speaker 1>here in our Bloomberg Interactive Broker Studio.

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<v Speaker 2>Can we talk AI? Yeah, but I want to ask Okay, sorry,

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<v Speaker 2>that's what I want to talk about it.

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<v Speaker 1>I do care about spend, but I also I am

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<v Speaker 1>curious because you guys consult you talk with clients. What's

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<v Speaker 1>the constructive conversation to be having around AI right now?

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<v Speaker 1>What are you hearing from those clients?

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<v Speaker 3>I think what customers are starting to get into now

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<v Speaker 3>are what is we're sort of beyond kind of the

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<v Speaker 3>big mind art of the possible, and we're now getting

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<v Speaker 3>into how can I actually apply AI to my business

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<v Speaker 3>and what are the barriers associated with AI. So a

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<v Speaker 3>lot of the axioms that have always applied to tech

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<v Speaker 3>apply here, which is, you know, things like garbage in,

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<v Speaker 3>garbage out. You've got to get your data organized. You've

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<v Speaker 3>got to understand how to structure your data in order

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<v Speaker 3>to make sense and in order to be able to

0:10:46.920 --> 0:10:50.480
<v Speaker 3>synthesize your data in order to make better decisions with

0:10:50.559 --> 0:10:53.320
<v Speaker 3>your data. And so we're spending a lot of time

0:10:53.360 --> 0:10:56.240
<v Speaker 3>talking with customers around the choices they make around their data,

0:10:56.280 --> 0:10:58.559
<v Speaker 3>how they invest in their data, and how they can

0:10:59.080 --> 0:11:01.800
<v Speaker 3>really think about structuring it for a world where they're

0:11:01.800 --> 0:11:05.600
<v Speaker 3>going to be making decisions that they're potentially synthesizing and

0:11:05.640 --> 0:11:08.280
<v Speaker 3>getting output from AI.

0:11:08.840 --> 0:11:12.079
<v Speaker 2>You know, Carol knows this. I've been completely obsessed with

0:11:12.160 --> 0:11:14.000
<v Speaker 2>the sort of two different schools of thought when it

0:11:14.040 --> 0:11:17.959
<v Speaker 2>comes to development of artificial general intelligence AGI, especially in

0:11:17.960 --> 0:11:21.400
<v Speaker 2>the wake of everything that happened at Open AI. Sam Wellman,

0:11:21.440 --> 0:11:25.080
<v Speaker 2>you came on and spokes during that crisis. I don't

0:11:25.080 --> 0:11:26.839
<v Speaker 2>know if I could call it a crisis. Actually during

0:11:26.880 --> 0:11:30.640
<v Speaker 2>the drama, let's call it drama the thing, Yeah, are

0:11:30.679 --> 0:11:34.320
<v Speaker 2>you you spend you know, you're in this day in

0:11:34.320 --> 0:11:38.400
<v Speaker 2>and day out. Is there any sort of reality to

0:11:38.800 --> 0:11:44.240
<v Speaker 2>the idea that artificial general intelligence is something we as

0:11:44.280 --> 0:11:47.079
<v Speaker 2>a human species should be concerned about.

0:11:48.080 --> 0:11:52.600
<v Speaker 3>Oh, absolutely there is. It's going to take a while

0:11:53.240 --> 0:11:55.360
<v Speaker 3>for us to get to that point. And I think

0:11:55.440 --> 0:11:58.600
<v Speaker 3>that seeing companies start to come together and have a

0:11:58.640 --> 0:12:02.959
<v Speaker 3>discussion around the responsibility and not necessarily doing it after

0:12:03.040 --> 0:12:07.120
<v Speaker 3>the horses have left the proverbial barn is very very important.

0:12:07.160 --> 0:12:10.439
<v Speaker 3>I think we're starting to be able to elevate that

0:12:10.559 --> 0:12:15.200
<v Speaker 3>but that that discussion. But I definitely believe that the

0:12:15.280 --> 0:12:20.320
<v Speaker 3>ability to do harm and the ability to spin people

0:12:20.400 --> 0:12:23.160
<v Speaker 3>up with misinformation, those are things you can just start

0:12:23.200 --> 0:12:25.800
<v Speaker 3>to see on the horizon where we really have to

0:12:25.840 --> 0:12:28.959
<v Speaker 3>think about what is the provenance of that decision or

0:12:29.320 --> 0:12:31.120
<v Speaker 3>of that data. And I think we're going to see

0:12:31.160 --> 0:12:32.199
<v Speaker 3>a lot of that. I think we're going to see

0:12:32.200 --> 0:12:35.839
<v Speaker 3>governments start to require Okay, you've you've been told something,

0:12:35.880 --> 0:12:37.520
<v Speaker 3>but what was the source of that? Where did that

0:12:37.559 --> 0:12:38.760
<v Speaker 3>information come from?

0:12:38.840 --> 0:12:41.880
<v Speaker 1>So like jurialism a little bit, Well, no, I mean

0:12:41.920 --> 0:12:43.360
<v Speaker 1>a lot of it. Like I used to think about

0:12:43.400 --> 0:12:45.760
<v Speaker 1>when I started, you know, this idea, you had to

0:12:45.840 --> 0:12:48.800
<v Speaker 1>know what the source of the material was, right, and

0:12:48.840 --> 0:12:50.880
<v Speaker 1>whether it was a perspective or point of view, so

0:12:50.960 --> 0:12:54.520
<v Speaker 1>subjective versus objective or data points who supplied it. So

0:12:54.559 --> 0:12:57.880
<v Speaker 1>it's kind of interesting to hear you say that, But

0:12:58.000 --> 0:13:02.120
<v Speaker 1>I do wonder what's a to take Crawford. Are we

0:13:02.160 --> 0:13:03.839
<v Speaker 1>going to be kind of chasing just like we were

0:13:03.880 --> 0:13:06.959
<v Speaker 1>in social media? Like social media? Right, where's the yes?

0:13:07.480 --> 0:13:10.120
<v Speaker 3>Sadly think I think companies are going to try to

0:13:10.160 --> 0:13:11.959
<v Speaker 3>get ahead of this. I think governments are going to

0:13:12.000 --> 0:13:14.160
<v Speaker 3>try to get ahead of it, but we are going

0:13:14.240 --> 0:13:15.960
<v Speaker 3>to be chasing it for a long time. I mean,

0:13:16.120 --> 0:13:21.560
<v Speaker 3>what happens when someone can apply AI to social engineering

0:13:22.600 --> 0:13:25.000
<v Speaker 3>piece of ransomware that works really really well, and I'd

0:13:25.040 --> 0:13:28.040
<v Speaker 3>like to have thirty by tomorrow morning. What happens when

0:13:28.760 --> 0:13:31.040
<v Speaker 3>someone can say, oh, you know what, if I alter

0:13:31.559 --> 0:13:36.040
<v Speaker 3>the code of that genome, I can create a new

0:13:36.120 --> 0:13:39.079
<v Speaker 3>kind of a virus and I'd like ten thousand by tomorrow.

0:13:39.400 --> 0:13:43.120
<v Speaker 3>These are the really horrible things that people could do

0:13:43.679 --> 0:13:49.440
<v Speaker 3>with generative AI. To really think about setting loose a

0:13:49.520 --> 0:13:52.400
<v Speaker 3>new generation of malware in a way, we're not really

0:13:52.440 --> 0:13:53.839
<v Speaker 3>thinking about chasing.

0:13:53.840 --> 0:13:56.360
<v Speaker 2>But each example that you bring up has a person

0:13:56.440 --> 0:13:59.120
<v Speaker 2>behind it making a decision to actually do that. Yeah,

0:14:00.040 --> 0:14:06.160
<v Speaker 2>what about that science fiction scenario where literally the robots

0:14:06.200 --> 0:14:09.040
<v Speaker 2>become more powerful than us because they can think, because

0:14:09.040 --> 0:14:09.760
<v Speaker 2>they can reason.

0:14:11.040 --> 0:14:16.480
<v Speaker 3>So when you start to get to broad agi, if

0:14:16.480 --> 0:14:20.440
<v Speaker 3>you will, that is a risk where when you're dealing

0:14:20.480 --> 0:14:25.400
<v Speaker 3>with massive amounts of information and the machine starts deciding

0:14:25.760 --> 0:14:29.680
<v Speaker 3>what's right and what's wrong, then you're into that zone

0:14:29.960 --> 0:14:32.360
<v Speaker 3>and you're into that zone of wait, wait a minute,

0:14:32.400 --> 0:14:34.880
<v Speaker 3>what do you mean my credentials don't work because now

0:14:34.920 --> 0:14:36.760
<v Speaker 3>I've been decided that I'm a person who shouldn't be

0:14:36.800 --> 0:14:40.000
<v Speaker 3>included in this place, in the airport, on the plane,

0:14:40.040 --> 0:14:43.480
<v Speaker 3>in some safe place. Make up your science fiction scenario.

0:14:43.680 --> 0:14:47.239
<v Speaker 3>But when you start dealing with huge volumes information and instantane,

0:14:47.440 --> 0:14:51.000
<v Speaker 3>instantaneously making those kinds of decisions, things get a little

0:14:51.000 --> 0:14:52.000
<v Speaker 3>bit dodgy.

0:14:51.720 --> 0:14:53.720
<v Speaker 1>Isn't it kind of sort of the problem with self

0:14:53.800 --> 0:14:58.080
<v Speaker 1>driving cars? Right, dog on the right, woman with a

0:14:58.080 --> 0:15:01.040
<v Speaker 1>stroller on the left. Actually, how does it and someone

0:15:01.200 --> 0:15:02.120
<v Speaker 1>it's going to hit something?

0:15:02.400 --> 0:15:02.680
<v Speaker 3>Right?

0:15:02.880 --> 0:15:04.120
<v Speaker 1>How does it make that decision? Right?

0:15:04.160 --> 0:15:06.360
<v Speaker 3>And so someone has to write that code and get

0:15:06.400 --> 0:15:09.440
<v Speaker 3>to a point where that decision can be made. But

0:15:09.760 --> 0:15:13.480
<v Speaker 3>eventually there's a set of parameters and rules associated with

0:15:13.520 --> 0:15:15.200
<v Speaker 3>decisions like that, and the machine has to decide.

0:15:15.240 --> 0:15:18.920
<v Speaker 1>Are you worried because of warfare? I'm sorry military warfare.

0:15:18.800 --> 0:15:21.000
<v Speaker 3>Of course? Yeah, I mean absolutely. I mean these are

0:15:21.040 --> 0:15:23.800
<v Speaker 3>the kinds of things that bad actors can capitalize on,

0:15:23.840 --> 0:15:26.760
<v Speaker 3>and bad actors sometimes get aggregated and becomes a bad nation.

0:15:26.840 --> 0:15:28.120
<v Speaker 1>Think of the Jones story that we did.

0:15:28.240 --> 0:15:29.760
<v Speaker 2>I know, and you know, I go back to the

0:15:29.800 --> 0:15:32.880
<v Speaker 2>Elon Musk conversation that he had at the deal Book

0:15:32.880 --> 0:15:35.320
<v Speaker 2>summit at the New York Times last week. He said that,

0:15:35.680 --> 0:15:37.920
<v Speaker 2>you know, the government doesn't allow you to build a

0:15:38.000 --> 0:15:40.040
<v Speaker 2>nuclear weapon in your backyard. There are guard rules and

0:15:40.120 --> 0:15:44.800
<v Speaker 2>rules and regulations. He thinks this is more dangerous than

0:15:44.840 --> 0:15:45.680
<v Speaker 2>a nuclear weapon.

0:15:46.440 --> 0:15:50.040
<v Speaker 3>Yeah, and I think he's jumping ahead a number of steps.

0:15:50.080 --> 0:15:52.920
<v Speaker 3>But I think if you walk back from that putting

0:15:53.160 --> 0:15:55.880
<v Speaker 3>the bullets in one hand and the gun in the other,

0:15:56.120 --> 0:15:57.880
<v Speaker 3>and being able to say, Okay, I'm going to give

0:15:57.880 --> 0:16:00.800
<v Speaker 3>you the tools to load those together and and eventually

0:16:00.800 --> 0:16:04.400
<v Speaker 3>start shooting, he's not completely wrong in terms of where

0:16:04.440 --> 0:16:08.000
<v Speaker 3>you can draw the line to, and so I agree

0:16:08.280 --> 0:16:13.000
<v Speaker 3>that we have to be really mindful as governments to

0:16:13.080 --> 0:16:17.720
<v Speaker 3>think about not letting these circumstances happen. And unfortunately, Carol,

0:16:17.720 --> 0:16:19.520
<v Speaker 3>I'll take the conversation back to something that you asked,

0:16:19.520 --> 0:16:21.400
<v Speaker 3>which is are we going to be playing catch up?

0:16:21.480 --> 0:16:21.960
<v Speaker 1>And I think the.

0:16:21.960 --> 0:16:24.120
<v Speaker 3>Answer is, more often than not, we are going to

0:16:24.120 --> 0:16:27.200
<v Speaker 3>be playing catch up because the number of situations and

0:16:27.240 --> 0:16:31.760
<v Speaker 3>the number of instances is just so vast and we

0:16:31.920 --> 0:16:35.920
<v Speaker 3>just don't know how why that spectrum can get.

0:16:37.280 --> 0:16:41.440
<v Speaker 1>That's all sobering. Do you think the good will outweigh

0:16:42.320 --> 0:16:44.520
<v Speaker 1>the concern? Okay, and just got about thirty seconds.

0:16:44.600 --> 0:16:48.000
<v Speaker 3>Yeah, So I believe we are going to go through

0:16:48.040 --> 0:16:52.600
<v Speaker 3>a very very difficult period where work and jobs get

0:16:52.640 --> 0:16:54.720
<v Speaker 3>redefined and there are a lot of roles and a

0:16:54.720 --> 0:16:57.240
<v Speaker 3>lot of jobs that are going to be threatened by AI.

0:16:57.680 --> 0:17:01.119
<v Speaker 3>Think about the legal profession, think about paralegals, think about accountants,

0:17:01.160 --> 0:17:03.680
<v Speaker 3>think about those kinds of areas. We will then invent

0:17:04.080 --> 0:17:07.320
<v Speaker 3>new jobs that can stand on the shoulders of AI,

0:17:07.440 --> 0:17:10.320
<v Speaker 3>and people will be reskilled and we will that will

0:17:10.320 --> 0:17:11.240
<v Speaker 3>be a great time.

0:17:11.400 --> 0:17:13.560
<v Speaker 1>Who created way as or co founder? He was kind

0:17:13.600 --> 0:17:14.680
<v Speaker 1>of saying as very similar.

0:17:14.920 --> 0:17:18.080
<v Speaker 3>Absolutely if there's going to be a period of pain

0:17:18.160 --> 0:17:21.040
<v Speaker 3>associated with AI that will I think lead to a

0:17:21.040 --> 0:17:22.120
<v Speaker 3>period of tremendous growth.

0:17:22.160 --> 0:17:25.280
<v Speaker 1>But there's also responsibility that comes along with any technology.

0:17:26.040 --> 0:17:29.280
<v Speaker 1>Happy New Year, be well, CRAWFORDIL Pratt I DC, Thank you,

0:17:29.320 --> 0:17:30.080
<v Speaker 1>thank you,