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James Speaks Out: “AI Hype is Insane!"

James Speaks Out: “AI Hype is Insane!"

James Altucher

Posted September 07, 2023

James Altucher

Hey, it’s James.

I’m in Baltimore right now being interviewed about some game-changing AI research projects.


(Much more on that coming soon.)

And I just want to say…

I am sick of the bull***!

All day long I get these insanely stupid emails, “Come to my $2,000 AI Mastermind!”

They are always from people who have zero tech background, and zero real AI experience.

“I’ve been using ChatGPT since it was first released!”

OK. Great. You and 100 million other people.

All I see nowadays are scams that say “Use AI to make millions in a week.” It’s insane.

And, of course, it’s a reminder of what the Internet boom in the 90s taught us. Every company would add “.com” to their name and suddenly their stocks would go up 500%.

When 1-800-Flowers, Inc. changed their name to 1800Flowers.com, they filed for an IPO that day. Because they were no longer a flower store, they were a “.com” company.

High-tech flowers!

Don’t Be Fooled

Look, I’ve been studying this stuff for a long time.

My first published academic paper on AI came out in 1991 and I had to give a talk about it at the Conference on Automated Deduction in Kaiserslautern, Germany.

I was the youngest person there.

The reason automated deduction is interesting is that every single computer program is mathematically equivalent to proving a logical theorem.

For instance, prove to me that you can sort in alphabetical order all the names on a list. The proof is basically the program that does it.

So if you can prove theorems automatically then you can program computers automatically.

I have since worked on AI-based fictional characters, chess computers and AI for day trading.

From 2002 to 2009 I day-traded using AI programs I wrote, ran a hedge fund the same way, and even wrote a book based on some of my ideas called Trade Like a Hedge Fund.

On my podcast, I’ve discussed AI with Eric Schmidt, former CEO of Google, Kai-Fu Lee, the godfather of speech recognition and now one of the biggest VCs in China, and many others.

And I recently recorded a course about what AI is for the short-form podcast company, Blinkist, where I went over, step by step, the development of ChatGPT from the beginnings of AI in the 50s and 60s all the way up to now.

So it bothers me that some people are taking advantage of people by pretending to be an expert and using that false expertise to teach others how to make millions in AI.

And it bothers me that every company out there is now using AI so they can be an “AI company” and get higher valuations as a result.

I was discussing this recently with Kevin Surace, CEO of a company I am invested in called appvance.ai.

Appvance uses AI to look at a large complicated program and generate scripts to test the program to see if there are bugs.

He said:

“Every company is now mandated by their boards to use AI in every single part of their company. So if they are a manufacturing company not only will they use AI to improve their manufacturing but their marketing division has to use AI, their legal division, even their HR division.”

They barely even know what AI is and all this money is about to get spent.

Well, fine.

Might be a waste for them…

But it’s not all bad for us.

AI Is The Future

There’s a HUGE opportunity here.

This means the companies that ACTUALLY DO AI will benefit an enormous amount.

And that’s EXACTLY what I’ve been working on in Baltimore.

Expect Chris to drop more details soon.

Stay tuned.

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