Are We Screwed If AI Works? — With Andrew Ross Sorkin
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Could AI cause a market crash by working too well? Let's talk about it with Andrew Rossorkin of CNBC and the New York Times and the author of the best-selling book 1929 who's here with us in studio today. Andrew, great to see you. Thank you for having me for the show. Thanks for being here.
Really appreciate it. So the book comes out about four months ago, and I think it's great that we're speaking now because the worry that you had brought up in the beginning, and obviously it's all about the depression and the market crash. And the worry that you had brought up was, look, we have $700 billion in capital expenditures going towards AI companies. And this could all go bust and that could cause a cascading market crash.
But actually what we're starting to worry about is the opposite, which is that what happens if it works will work. And right now we have we've had, we're in a moment where last month software stocks lost a trillion dollars in market cap because there was this fear that AI could just displace them and it was moving at a pace that they wouldn't be able to recover from. Is there a worry that we'll have our own type of market crash, but just a completely different way? And that is that AI works and everybody is disrupted.
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