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Oaktree Capital Co-founder: Mkt Ignores Completely Unpredictable Demand Growth from AI
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Howard Marks, Co-founder of Oaktree Capital, wrote in a blog warning that the market assumes a productivity boom from AI, yet overlooks issues such as millions of people becoming unemployed and who will purchase the additional goods produced. He is concerned that a small group of billionaires living on the US East and West coasts, who are highly educated, are creating technologies that could lead to massive unemployment. Some companies, in order not to fall behind in this 'winner-takes-all' AI arms race, are forced to take on 'aggressive' amounts of debt, Marks added. Marks also believed that investors' current behavior has a 'speculative' nature, as the actual demand growth for AI technology is completely unpredictable. He suggested that it is too early to judge whether the current enthusiasm for AI is excessive, and it will take years to determine if the craze is rational. AASTOCKS Financial News Website: www.aastocks.com |
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