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Goldman Sachs Exchanges

Artificial Intelligence: The Apex Technology of the Information Age

Goldman Sachs Exchanges

Julia McGonagle

Business

4.41K Ratings

🗓️ 27 December 2016

⏱️ 19 minutes

🧾️ Download transcript

Summary

Artificial intelligence - the science of teaching computers to think like humans - could reshape the global economy by making both capital investments and labor costs more efficient. That would provide a meaningful boost to productivity growth, which has stagnated since the internet boom of the 1990s. Heath Terry of Goldman Sachs Research discusses the technology's most promising uses, the industries set to take advantage and how widespread adoption might impact the labor market. This podcast was recorded on December 2, 2016. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2016 Goldman Sachs. All rights reserved.

Transcript

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0:00.0

This is Exchanges at Goldman Sachs, where we discuss developments currently shaping markets, industries in the global economy.

0:14.5

I'm Jake Stewart, global head of corporate communications here at Goldman.

0:18.4

Whether it's blockchain, drones, and the Internet of Things, a handful of innovations, are promising to reshape the

0:24.0

competitive landscape of the information age. But artificial intelligence sits at

0:28.3

the apex of them all according to our guest today. I'm pleased to be joined

0:31.7

by Heath Terry, head internet analyst of Goldman Sachs research, and author of the firm's recent report on the disruptive potential of artificial intelligence and machine learning.

0:40.0

Heath, welcome to the program.

0:42.0

Thanks, Jake.

0:43.0

So why do you consider artificial intelligence or AI the apex technology and what puts it at the top of the food chain?

0:50.0

Artificial intelligence is the science of teaching computers or getting computers or

0:56.1

machines to act like human beings to solve problems that prior required human intelligence.

1:04.3

And so the apex of that, we believe,

1:07.7

is getting to that point in this sort of information

1:10.5

and data age that we're in, getting to that point where computers have the ability to behave like a human being and solve problems that require human.

1:20.0

That really is the apex.

1:21.0

If you even think about it in popular culture when we think about

1:24.0

what the future looks like, it's about having machines that can interact with humans, solve problems

1:29.9

the way that humans do, and that's why we think of it as being the apex of this

1:34.2

information age technology.

1:36.7

Just about 20 years ago a computer beat chess grandmaster Gary Kasper off at his

1:40.9

own game.

1:41.9

How is AI advanced since then

...

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