MDB - AI will be a multi-year phenomenon transforming all aspects of business
2023-10-23 12:39:08 ET
Artificial intelligence is going to transform American businesses and corporations that are employing it to reduce labor costs and increase efficiency and productivity, said Noah Blackstein, Dynamic Funds senior portfolio manager.
Although mega-cap tech stocks are undoubtedly benefiting from the interest in AI ( AAPL ), ( MSFT ), ( AMZN ), ( GOOG ), ( NVDA ), ( META ) — $8T of market cap reports this week will show how successful companies have performed — any company implementing AI will see higher success, he said in a CNBC interview on Monday.
“I've never seen anything like AI before, in terms of return on investment, return on productivity, and cost savings,” he said. “I've never seen technology implemented so quickly.”
AI technology like the GPT bot has been able to reduce production time and associated labor costs by more than 90%, said David Schweidel, a professor of marketing at Emory University's Goizueta Business School.
Brazilian oil company Petrobras claimed to have saved $120M in tax payments to different authorities in three weeks since implementing Automation Anywhere, generative AI software.
“This is a secular area of opportunity,” said Blackstein.
He added that the next wave of successful tech will come from data centers, chip makers, and any software developers, such as Snowflake Data Cloud ( NYSE: SNOW ), and MongoDB ( MDB ).
“This is the next transformation in technology, but it’s going to have applications in retail, in healthcare, in industrials, and in energy,” said Blackstein. “This is probably a multi-decade and certainly a multi-year phenomenon.”
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AI will be a multi-year phenomenon, transforming all aspects of business