AI community is 'making a terrible mistake' in hyping the tech, says Citadel's Ken Griffin
By William Watts
The AI community may regret its early hype around the technology, billionaire investor warns
That's Citadel CEO and founder Ken Griffin, who warned Tuesday that artificial-intelligence purveyors may regret the attention they're generating around the technology, CNBC reported.
Speaking at an event for the hedge fund's new class of interns in Fort Lauderdale, Fla., Griffin said AI would be transformative someday but was still in its early stages, according to the report. Talk that AI will eliminate millions of white-collar jobs is premature, Griffin said. "Some professions are accepting of errors, but you have to be really accurate in finance. You have to be really accurate as a lawyer."
AI-related stocks have been on a tear in 2023, with megacap tech shares driving gains for the S&P 500 . Chip maker Nvidia Corp. (NVDA)saw shares surge in late May after it delivered a blowout earnings forecast centered on soaring demand for chips related to AI applications. That built on an already staggering upside run for the stock, which is up 164% so far in 2023.
See: Big Tech's added bulk in S&P 500 in 2023 outweighs index's energy sector, DataTrek says
-William Watts
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06-07-23 1538ET
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