We're still in the early innings of AI, says Goldman Sachs' George Lee

Published: Sep 10, 2024 Duration: 00:04:32 Category: News & Politics

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>> THAT, OFCOURSE, NVIDIA'S CEO, JENSEN HUANG, SPEAKING AT THE GOLDMAN SACHS COMMUNACOPIA AND TECHNOLOGY CONFERENCE. JOINING US IS GEORGE LEE, THE CO-HEAD OF THE GOLDMAN SACHS GLOBAL INSTITUTE NICE TO SEE YOU. WELCOME TO OUR PROGRAM >> GREAT TO BE HERE. >> I FEEL LIKE JENSEN SET THIS UP PERFECTLY FOR MY FIRST QUESTION TO YOU, WHICH IS WHERE ARE WE IN THE A.I. PSYCHLE >> IT'S GREAT TO HEAR -- IT'S GREAT TO HAVE HIM AT THE CONFERENCE, BUT TO HEAR THAT SENSE OF WONDER AND EXCITEMENT THAT HE BRINGS TO WHAT IS ARGUABLY THE MOST IMPORTANT AND THE BUZZ AFTER HIS PRESENTATION WAS TERRIFIC SO WHERE ARE WE? THE NATIONAL ANTHEM IS FINISHED BUT WE'RE IN THE VERY EARLY INNINGS. THIS IS A NASCIENT TECHNOLOGY AND IT TAKES A WHILE TO MAKE ITS WAY INTO CONSUMER HABITS AND A LOT TO MAKE ITS WAY INTO THE ENTERPRISE ENTERPRISE ADOPTION, ENTERPRISE READINESS, A SLOWER BURN, BUT MAKE NO MISTAKE THIS IS AN EXCITING ERA, A BRAND-NEW PARADIGM FOR THE WAY THAT WE EXPERIENCE COMPUTATIONS AS HUMANS >> I LOOKED BACK AT A CONVERSATION YOU HAD IN THE SPRING WITH TONY PASQUARIELLO, A COLLEAGUE OF YOURS, VERY WELL KNOWN TO OUR VIEWERS BECAUSE HE COMES ON OUR PROGRAM, AND UP SAID THE FOLLOWING, AND I WANT TO BRING THIS UP AGAIN, QUOTE, THE DEGREE THIS DROPPED ON THE FACE OF THE EARTH AND SEEMED IMMEDIATELY CONSEQUENTIAL TO MEME IS QUITE UNUSUAL, AND THAT DEGREE OF UNANIMITY IS BUILDING UP RATHER THAN DISSIPATING YOU CAN TAKE THAT ONE OF TWO WAYS, THAT'S INCREDIBLY BULLISH, OR EVERYBODY IS ON THE SAME SIDE OF THE SAME BOAT HOW SHOULD WE TAKE IT? >> IT'S A GREAT QUESTION PER MY COMMENTS, IT IS FASCINATING IN THE SENSE THERE WAS THIS MOMENT, NOVEMBER 30th, 2022, WHERE THE PUBLIC AT-LARGE GOT A SENSE OF ACCESSING AND HAVING A CONVERSATION ON A MACHINE LIKE A FUNDAMENTALLY NEW WAY TO THINK OF COMPUTATION AND IT ATTRACTED AN ENORMOUS AMOUNT OF ATTENTION AND, YEAH YEAH, I THINK THE UNANIMITY CONFIDENCE THIS WILL BE TRANSFORMATIVE FOR BUSINESSES, FOR NATION STATES, FOR OUR WORLD, CONTINUES TO BUILD. THAT HAVING BEEN SAID, A HEALTHY DEBATE GOING ON, A SET O DIVERGENT VIEWS ABOUT HOW FAST THIS WILL HAPPEN, WHETHER OR NOT THE SCALES LAWS PERSIST INTO PERPETUITY, BOTTLENECKS AND CONSTRAINTS WE'RE GOING TO FACE, THE DATA WALL PEOPLE ARE TALKING ABOUT. I'M ENCOURAGED WHILE THE ENTHUSIASM IS BUILDING, THERE'S AN ENORMOUS AMOUNT OF INVESTING, A TWO-SIDED MARKET ABOUT THE PACE, TIMING, AND ULTIMATE IMPACT I THINK THAT'S HEALTHY >> HOW QUICKLY, THOUGH, DO WE NEED TO REALIZE THE INVESTMENT ON THE SPEND >> OUR INVESTMENT RESEARCH FOLKS HAVE DONE SOME REALLY INTERESTING WORK ON THIS, AND I DO THINK WE HAVE TO LOOK AT THIS IN THE SENSE OF WE'RE BUILDING A PLATFORM THE PLATFORM, IT WILL TAKE A WHILE FOR THAT PLATFORM TO TRANSFORM ITSELF INTO APPLICATIONS AND USE CASES THAT CREATE THE KIND OF ECONOMIC IMPACT WE'RE LOOKING FOR AND WAITING FOR. EXTREMELY ENCOURAGING EARLY EVIDENCE OF THIS AND YOU'VE HAD ANDY JASSY AND DOUG McMILLAN AND OTHERS TALK ABOUT THE TANGIBLE DOLLAR SAVINGS AND SPEEDUPS, REDUCTION OF LATENCY SO I THINK THERE'S REAL IMPACT IT WILL TAKE A WHILE TO MAKE ITS WAY THROUGH THE SYSTEM CHANGING ENTERPRISE HABITS, FAST EB FASTENNING, MAKING IT SAFE, AUTHORITATIVE, ALL OF THAT TAKES TIME AND EFFORT. >> THE OTHER POINT YOU MADE WITH TONY I THOUGHT WAS REALLY INTERESTING WAS, AS MUCH AS YOU TRAVEL AROUND AND YOU MEET WITH DIFFERENT CEOs, OLDER, YOUNGER, IT'S GENERATIONALLY UNANIMOUS, THE EXCITEMENT, WHETHER YOU'RE TALKING TO AN OLDER CEO OR A FOUNDER, A YOUNG FOUNDER OF A COMPANY, I THOUGHT THAT WAS FASCINATING. >> I DON'T RUN INTO MANY CEOs OLDER THAN ME ANYMORE, UNFORTUNATELY, HAVING BEEN AROUND THE GAME FOR A WHILE, BUT YOU'RE RIGHT THIS IS A MULTIGENERATIONAL PHENOMENON, ONE OF THE FASCINATING THINGS FROM THE APPLE ANNOUNCEMENT THE OTHER DAY WAS THE ADOPTION OF AIR PODS FOR HEARING, ESSENTIALLY A HEARING AID KIND OF THING. IT'S A TECHNOLOGY THAT IS WIDELY ACCESSIBLE WE HAVE THIS PLATFORM OF BILLIONS OF PHONES IN THE HANDS

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