welcome to money is freedom
a podcast
exploring how finance and freedom connect in our lives
created from thoughtful research
and narrated by Notebook LM AI
this series brings you clear
meaningful insights into finance and beyond
welcome to Episode 7 Today on Election Day
we're shifting gears to explore a topic
reshaping Industries Worldwide
Artificial Intelligence in this episode
we'll dive into the latest insights from the 2024 AGM
Maritec Market Report narrated by Notebook LM AI
this report reveals AI's profound
impact on public and private markets
its transformative potential and software
and what it means for businesses
navigating this new landscape
so take a break from the election buzz
and join us for a look at the future of AI
and its role in reshaping the market
welcome back everyone we're diving deep today
into how artificial intelligence is transforming
the world of software sounds pretty complex
it is but it's also incredibly exciting
you know we've got market analysis
investment trends oh wow
and some really interesting
expert predictions to unpack today okay
sounds good yeah
we're gonna try to answer some big questions too
like what what is AI actually living up to all the hype
yeah is it all just hype or exactly yeah
or is it a real game changer right
and you know we'll look at our startups
actually challenging the big players in this space yeah
that's a good one and ultimately
and this is the most important part okay
what does this all mean for you
you know regardless of whether you're a tech expert
right or just someone who uses software every day
yeah that's a big one
I think it's something everyone wants to know
exactly what does this actually mean for me
exactly yeah
so to kick things off one thing that's really striking
is that
we're not just talking about incremental changes here
the research really suggests that AI
is gonna completely redefine how software is made wow
how it's marketed and even how we use it yeah
it feels like change is happening so fast
it really is and the data backs it up
oh how so
well just look at this
nine tech and AI companies
just nine I count for 34%
why of the entire SMP 5 hundreds marketcap
that's a huge chunk it is
it's massive and get this okay
there's actually data showing that
just by mentioning AI during earnings calls
like name dropping it yeah
basically companies are seeing their stock prices go up
oh wow
so the markets really paying attention
they are laser focused on AI
that's interesting
but here's where things get a little more interesting
okay when we look at the private markets for like
venture capital and stuff
exactly we see a bit of a different story hmm
venture capital funding
it's actually remained pretty strong okay
and AI is attracting a huge chunk of that funding
so there's still a lot of confidence there
oh absolutely
in fact okay
almost half of all new unicorns
unicorns meeting those billion dollars startups right
right yeah
almost half of them are AI focused
wow so investors are still pouring money into AI
they are but there's a paradox
oh what's that
the number of tech ipos so companies going public
right has actually plummeted to a 15 year low
oh wow
that doesn't sound good it's interesting right
it's like
investors are happy to fuel these AI ventures early on
right but they're hesitant
to fully commit when it comes to the public markets
so maybe some doubts are creeping in
it's possible yeah
that makes sense yeah
you know there are concerns about regulations
about market volatility
and maybe some are worried that the AI
hype is a little overblown
yeah I could see that
so it's a dynamic landscape for sure definitely
but you know
despite all that uncertainty
yeah a lot of experts are saying that AI
is the next big wave of innovation
bigger than the cloud like even bigger than that
they're actually saying
it could be even bigger than cloud computing
wow okay
so what's making them so confident
well
I think it comes down to this sheer scale of what AI
can do oh okay
what do you mean by that well
it's not just about automating tasks
you know right
it's about completely new ways of doing business
hmm like one of the most interesting ideas is this
concept of services software
services software I haven't heard that one before
it's pretty wild basically
the idea is that AI agents
AI agents like a little AI worker yeah
basically they can act independently
so without us even needing to tell them what to do
exactly they can complete tasks
without us needing to interact with software directly
so like no more clicking around in apps or websites
potentially yeah
it's like imagine your AI handling things like
let me guess booking travel
yes exactly
or managing investment yes
even composing emails
all without you ever opening an app
that's kind of mind blowing when you think about it
it is
and here's another key difference from cloud computing
okay remember how
there's a lot of resistance to cloud computing
early on yeah
people were skeptical exactly
but with AI it's almost the opposite really
it's being embraced across pretty much every industry
so companies are really buying into this
they are they see it as a way to streamline operations
make things more efficient
cut costs of course
right
but also to create entirely new products and services
so it's not just about doing the old things better
it's about doing completely new things
exactly that's pretty exciting
it is but
let's talk about what this means
for existing software companies okay
especially those sauce companies right
yeah the software is a service companies
yeah seems like they might be in for some big changes
definitely could be a real shake up
how so we'll think about it
okay their traditional strength
things like having a really user friendly interface
right make it easy to use
and high switching costs yeah
making it hard for customers to leave
yeah that lock in effect
those might become less important as AI
takes on more complex tasks
so their old advantages might not work as well anymore
exactly hmm
that sounds like bad news for them
it could be but it's not all dooming gloom
oh while there are definitely challenges yeah
the overall market for software
is actually projected to explode
thanks to AI oh interesting
so a bigger pie overall exactly
you know
AI's ability to automate tasks and create new services
yeah it's opening up a ton of new possibilities
so there's still a lot of opportunity out there
tons of it's also like a modern day gold rush
I like that analogy yeah
there will be winners and losers sure
but the overall market is gonna grow like crazy
so the key is to be on the right side of that growth
exactly and that's where things get really interesting
okay tell me more
because you have these established giants right
like well
think about a company like Adobe right
the creative software exactly
they successfully navigated the transition to the cloud
yeah they did a good job with that
and now they're well positioned to adapt to AI
makes sense they have the resources
exactly but on the other hand
yeah you have all these super agile
ambitious startups like the up incomers
yeah and they're building their entire foundation on AI
from the get go they don't have all that baggage
no legacy systems no old ways of doing things
that could be a huge advantage
it could so the question is
the Giants are the disruptors
exactly who comes out on top in this AI powered world
that's a tough one to call
it is and it makes things really exciting
I bet you know because
some sources are predicting that certain companies okay
they're gonna achieve record breaking profits
yeah thanks to AI wow
while others while others might struggle to survive
so the stakes are high incredibly high
and there's this massive pool of investment
capital waiting to be deployed
like a powder keg yeah
and the question is where is it all gonna go exactly
who's gonna benefit most from this AI revolution
that's what investors are trying to figure out
right now yeah
exactly and they need to be smart yeah
it's not just about jumping on the AI bandwagon right
it's about identifying those companies
that are truly harnessing AI's potential
the real deal exactly
that makes sense
so it's not just about any company that mentions AI
right it's about the ones that are really using it
in a meaningful way right
and figuring that out yeah
that's gonna be key for investment totally
it sounds like a lot of research is gonna be needed
absolutely to separate the wheat from the chaff
couldn't have said it better myself
well there you go
but you know what let's zoom out for a second okay
because we've talked about the excitement competition
the potential rewards yeah
but let's think about the bigger picture
like the real world impact
exactly how is AI actually gonna affect our lives
yeah that's the big question
it is and the prediction okay
is that AI is gonna become
so integrated into almost every aspect of software wow
that it's gonna redefine industries
and create entirely new ones
like we can't even imagine yet
it's hard to fathom but think about this
imagine a world where
outcome based services become the norm
outcome based what does that mean
so instead of buying software right
you're buying the specific result that the software
powered by AI can deliver hmm
I'm not sure I follow okay
let's see your small business owner okay
you could subscribe to an AI
service that manages your inventory
oh okay
handles your marketing even does customer service wow
all automatic all power by AI
leaving you free to focus on the bigger picture
so the AI is handling the day to day stuff exactly
that's pretty amazing or imagine needing legal advice
okay instead of hiring a lawyer and paying hourly
yeah you could subscribe to an AI
legal service that guarantees a specific outcome
like winning a case yeah
or successfully negotiating a contract
so you're paying for the result exactly
it's not just about making things faster or cheaper
right it's about fundamentally changing
how we interact with technology
and achieve our goals that's a huge shift
it is yeah
and the potential economic impact of this shift yeah
it's predicted to be
even greater than that of cloud computing
wow that's saying something
it is especially as AI
expands into more service sectors
and automates even more tasks
this is all really fascinating
but I have to admit it's also a little overwhelming
I get it it's a lot to take in
and we haven't even teached on the potential downsides
right like what could go wrong
well that's a conversation for another time okay
so stay tuned exactly
because we're gonna delve into those challenges
in the next part of our deep dive
looking forward to it me too
it's gonna be a good one I bet
so make sure you come back for that
can't wait awesome
so we've explored how AI
has the potential to really revolutionize software
right yeah
create new markets
even disrupt those traditional businesses exactly
but we also talked about you know
feed for guidelines yeah
ethical guidelines and those safeguards right
because AI is becoming so integrated into our lives
it is and now in this part
okay let's shift gears a bit and look ahead
the future exactly yeah
what might the world actually look like
as AI continues to evolve
that's the million dollar question
it is it's both exciting and maybe a little bit scary
you know definitely there are a lot of unknowns
there are but one thing we need to consider
yeah is the potential downsides right
we can't just focus on the positive
we can't
and one of the biggest concerns is the future of work
jobs yeah
exactly yeah
you know as AI becomes more sophisticated
there's this fear that it's gonna
automate a lot of the jobs that humans currently do
yeah I've heard a lot of people talking about that
it's a valid concern you know
people are worried about losing their jobs to robots
right it's understandable
it is but
I think it's important to
approach this with a balanced perspective okay
what do you mean well
while some jobs will definitely be automated yeah
AI is also gonna create new jobs
and transform existing ones
so it's not all doom and gloom
not at all I think the key is gonna be adaptation
adaptation yeah
you know being willing to learn new skills okay
so like what kind of skills are we talking about
well skills that are gonna be in demand in an AI
driven world right
because the job markets gonna look different
it is so we need to be prepared
make sense and you know what's interesting
a lot of experts are saying that those
uniquely human skills okay
the ones that AI can't replicate like what
things like critical thinking
complex problem solving right
creativity emotional intelligence
yeah those are hard to teach a machine
they are and those are
the skills that
are gonna be even more valuable in the future
so it's not just about robots taking over
no it's more about humans and AI working together
collaboration exactly
in new and innovative ways
that's a good way to put it
but beyond job skills right
there are brighter societal implications to consider
oh right
like the big picture stuff
yeah because as AI gets more integrated into our lives
uh huh
we need to make sure it's being developed and used
responsibly responsibly yeah
that's key it is
so it's not just about the technology itself right
it's about creating a framework for its ethical use
so like rules and guidelines exactly
for example we need to be really careful about bias
and AI algorithms bias hmm
how does that work well
if an AI system is trained on biased data okay
it can actually perpetuate and amplify those biases
oh wow
that's not good it's not
it can lead to unfair outcomes
you know
so like discriminating against certain groups of people
exactly
and we've already seen real world examples of this
oh really
well like in hiring processes
loan applications oh wow
so AI was making biased decisions in some cases
yes and that's why it's so important to have clear
guidelines right
regulations to make sure AI
is used fairly and ethically
and who's responsible for creating those guidelines
well it's gonna take a lot of collaboration
a collaboration yeah
between governments industry leaders
researchers
so a lot of different stakeholders need to be involved
absolutely
and I think public awareness is important too yeah
get people talking about it
exactly because
we need to have open discussions about AI's
impact on society it affects everyone
it does and at the end of the day
it's important to remember that AI is a tool
a tool and like any tool
it can be used for good or for bad
so it depends how we use it
it does
it's our responsibility to shape its development okay
and make sure its benefits are shared widely right
but also mitigate those potential risks exactly
it's a balancing act it sounds like it
it is so we've talked about potential job displacement
the ethical guidelines right
are there any other challenges
we should be thinking about
yeah there's another one that comes to mind okay
what is it privacy and security
oh right
that's huge it is
and with AI the risks are even greater
how so well
AI systems are gathering and analyzing
massive amounts of data yeah
that's how they learn exactly
and the more data they have access to
the smarter they get
but also the more vulnerable we become right
because if that data is misused or compromised
oh that's a scary thought
it is and
we've already seen data breaches
and privacy violations yeah
those are happening all the time
they are and AI could make those problems even worse
so what can we do about it
well again
it comes down to responsible development
and strong regulations to protect our data exactly
we need to make sure AI
systems are designed with privacy and security
as top priorities so like built in protections right
strong encryption clear consent
protocols for data collection
so people know what they're agreeing to
yes and safeguards against unauthorized access
so our data is safe from hackers and misuse exactly
it's a complex issue it sounds like it
but it's one we need to take seriously
absolutely our privacy is at stake
it is and I think the key takeaway here
okay is that we need to strike a balance
a balance between innovation and responsibility right
we can't just
rush ahead without thinking about the consequences
we can't we need a fostering environment
where we can harness the power of AI yeah
but also safeguard individual rights in societal values
it's a tough challenge it is
but it's one we need to face head on
I agree we can just ignore it
we can't and
you know we've covered some pretty heavy topics here
we have it's a lot to think about
it is but I think these conversations are crucial
crucial yeah
to ensure a future where AI truly benefits humanity
right that's the goal
it is so where do we go from here
good question what's the key takeaway for our listeners
well I think the most important thing to remember yeah
is that AI isn't just some technological advancement
it's bigger than that it's a fundamental shift
a shift yeah
it's gonna reshape our lives
our work our societies wow
that's a big statement it is
and we need to approach it with both enthusiasm
so the possibilities right
but also with vigilance
and make sure we're using it responsibly
exactly because there are risks involved
there are but there's also incredible potential
so it's about finding that sweet spot
between embracing innovation yeah
an ensuring responsible development
I like that finding that balance is not gonna be easy
it's gonna take a lot of effort
it will but it's worth it for the future
for the future of humanity
well said and speaking of the future
okay the final part of our deep dive yes
we're gonna explore
some of the most captivating predictions
about where AI is headed
oh this is gonna be good
it is and we'll discuss what it all might mean for us
as humans can't wait
okay so we've explored the potential of AI
you know to revolutionize software yeah
create new markets
even disrupt those traditional models
absolutely
and we also discuss the need for ethical guidelines
right those safeguards as AI becomes more integrated
exactly but now in this final part
okay let's shift our focus to the future
the future what might the world look like as AI
continues to evolve well
it's fascinating to try and predict
you know it is
there's so many possibilities
there are but one prediction that stands out okay
is that AI will eventually become so pervasive
pervasive yeah
so seamlessly woven into our lives
right that
we'll cease to think of it as a distinct technology
so like it'll just be there
it'll just be there in the background
like electricity exactly
we don't really think about the infrastructure right
we just flip a switch and expect the lights to come on
yeah it just works
an AI could become just as integrated
wow into our daily lives
so from how we communicate
how we access information
how we work learn
make decisions it'll all be influenced by AI
so it's not just about AI doing things for us right
it's about AI becoming almost like an invisible partner
a silent partner in every aspect of our lives
yeah shaping our world in subtle ways
it's pretty mind blowing concept
it is it raises some interesting questions though
oh like what
well about human agency and control
okay I see what you mean
if AI is subtly influencing our decisions
even in small ways
what does that mean for our free will
yeah our autonomy
those are some deep philosophical questions
they are but for now
okay let's get back to those predictions okay
what else did the research highlight
well another fascinating one
is the rise of outcome based services
oh right
we touched on that earlier
we did but it's worth exploring further
definitely because it goes beyond just automating tasks
right it's about AI guaranteeing specific results
outcomes yeah
so can you give us a concrete example
okay sure
imagine healthcare healthcare
where you're not paying for individual visits
okay or treatments
but for a desired outcome
like what well
say lowering your blood pressure
or managing a chronic condition
you're paying for the result
exactly and AI systems would monitor your health data
okay personalize your treatment
even adjust your lifestyle recommendations
wow all in real time
to ensure you achieve that specific outcome
it's like preventative health care on steroids
it is but of course
there are challenges oh yeah
for sure like access and affordability right
those are big ones they are
but the potential of these outcome based services
yeah it's huge
not just in healthcare but across different fields
education finance transportation
it's like we're moving from a world focused on inputs
to a world focused on outputs
so instead of the processes
we're prioritizing the results
and AI is making that possible
absolutely it gives us the tools to measure analyze
optimize outcomes in ways we couldn't before
just a whole new way of thinking
it is so we have AI becoming more ubiquitous
outcome based services reshaping industries
were there any other predictions that really stood out
it was one that really caught my eye
okay tell me
the idea that AI
could eventually surpass human intelligence
oh the singularity
yeah some experts call it that
it sounds like something out of science fiction
it does but serious scientists are exploring this
it's so we're talking about super intelligent AI
AI that exceeds human capabilities
and what happens then that's the big question
isn't it it is
some people think it'll be a Utopia where AI
solves all our problems
others fear a dystopia where AI takes control
it's impossible to know for sure
but it's definitely something to think about
it is so
we have this future where AI is embedded in our lives
outcomes are guaranteed
AI might even be smarter than us
what does it all mean for humans
what role will we play another good question
some believe AI
will liberate us from those mundane tasks
freeing us to be more creative innovative
others worry AI will make us obsolete
leading to unemployment inequality
it feels like a turning point in history
it does the choices we make now about how we develop AI
will have huge consequences
shaping the future for generations
it's a huge responsibility
it is and as such
as a technological challenge
Rory societal philosophical
we need to have open discussions about AI's role in
our lives and work together to ensure its development
aligns with our values benefits humanity
couldn't have said it better myself in on that note
okay it seems like a good time to wrap up
our deep dive into the world of AI
and software we've covered a lot
the benefits the risks
the implications it's been a fascinating journey
exploring these complex issues
hopefully our listeners found it informative
and thought provoking and remember
this is just the beginning
the AI revolution is unfolding
and it's up to all of us to shape its trajectory
so stay curious stay engaged and keep exploring
thanks for joining us it's been a pleasure