Tech strategist: Were going to see really miraculous things with AI

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The tech sector is firmly in the red and fraud regulation issues layoffs and hiring freezes as inflation and market uncertainty take their toll on the sector here to make sense of the tech landscape and the surrounding global economic picture is six street partners vice chairman marty chavez marty good to see you again uh look we’ve been talking all morning long about

The sell-off in social media stocks of course snap top of mind there help the average investor understand what is happening and when might it end well i uh i found it helpful as an investor and just for my own peace of mind to keep keep my eyes on the long-term trends and there’s a lot going on i don’t think i can add to it there’s certainly a lot of macroeconomic

News and there’s the announcement that we all read yesterday um i would just say that this is the nature of tech it is risky it is growth it is volatile it has been on a very long trend and it was easy and fun to get used to that trend who knows where that’s going to go in the future but if you step way back and just look at the long-term trend i think there’s very

Few predictions that i will make with absolute rock solid confidence and one of them is that there’s going to be more software in the future than there is in the present and so long term it’s is the same and there’s a lot of ups and downs on the way that prediction tracks marty i appreciate that here this morning you also have a unique position of sitting on the

Board at alphabet as well with that in mind you know i just wonder what is the next transformative technology that’s really going to be the changing kind of factor for consumers and as well for some of the companies that we cover on a daily basis so um one thing that you get to say if you’ve been at the same thing for a long time is you live long enough you get to

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Be considered a pioneer and so a long time ago i was working on ai and medicine this is back in the late 80s and the early 90s the compute power was just way too low and i remember back then there were people working on neural networks and we used to think okay that that doesn’t seem like that’s ever going to work well that has worked unbelievably well so i many

Other people were just dead wrong about neural networks and what we were able to do we’ve all seen with neural networks is amazing we are just at the very very beginning of an incredibly exciting upswing and what we’re going to be able to do with ai across the board whether it’s drug discovery climate change or at the beginning of actually being able to do amazing

Really miraculous things with ai so that’s the future but right now you’re also kind of looking at this environment where even as we were looking at snaps earnings and really reading through where they’re impacted as a result of operating system privacy changes that many social media companies have been hit by because of the changes that apple had put forward there

Is another os that’s out there in fact there are a few other ones and one of the other major competing ones is the android os why is it that there has been more of an impact to the social media company’s derivative of privacy changes from the apple operating system than from any privacy changes because there’s also privacy push within the android os as well well i

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Think all all companies need to need to step back and the regulators doing this as well and and look at what what privacy means how to define it and what we actually want and to and to get ready for it and there’s just a whole range of outcomes this is a huge global social political uh decision that we all have to make and there’s so many moving parts i’d love to i’d

Love to predict it but i would just say to all companies um you have to ready yourself for a large number of different regulatory outcomes the question is and we know what is possible with ai what will what does society want us to do with it and that is a very big decision that’s happening right now there’s no one route it depends on operating systems it depends on

Policies it depends on choices that consumers and companies make and nobody knows what’s going to happen so you just have to be ready for a variety of outcomes or when the market gets a sense the fed is is done raising rates for this cycle what will that mean for the m a market well so uh i i have um somewhat uh infamous for not making uh timing predictions and and i

Think i don’t make them because i’m terrible at them right so um and also causality is hard like knowing this happens and that’s going to happen next and and predicting the timing of it who knows right there there is m a happening there are in every economy including the one that we currently have um there are difficult spots and there are bright spots again back to

Ai if you’re looking at financing um and in acquisitions and combinations of all kinds in that area of ai um that is that is booming um just like uh probably better than ever right and so there are bright spots green shoots even now in certain sectors and ai is certainly one of them marty we only got about 30 seconds left but i’d love to know especially as so many

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Companies are making changes when it comes to diversity equity and inclusion whether that be at the entry level mid management all the way up to the board what is the step that a company can take right now in order to ensure that even in the midst of macroeconomic uncertainty that they are retaining those values well so the companies have the right values and that

In general and i’m not going to make a blanket statement but really it comes down to what are you actually doing day to day in your recruitment and you’re filling the pipeline in in understanding connected to managing your people and so companies are doing a much better job at the entry level though it’s still hard and reflecting the demographics of the cities and

The environments where they operate really the hard part is as people become more senior in their careers how do we continue to make them want to be here as opposed to some other place and how do we actively manage their careers through mentorship and sponsorship those are the things that all companies need to be doing in a disciplined process oriented way every

Day through every market cycle sixth street’s partner and vice chairman thanks so much for joining us marty chavez appreciate the time this morning

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Tech strategist: We’re going to see ‘really miraculous things with AI’ By Yahoo Finance