It’s Christmas in 2023 and people -- my family included -- are still skeptical about AI.

Good.

That just gives us more time before the next wave of AI hits -- and blows everyone’s socks off.

Hold me to this…

In one year -- December 2024 -- I’m going to write about what happened THIS WEEK.

Because I predict it’s going to be one for the books.

Here’s why…

This Thursday, three AI experts -- James being one of them -- are going LIVE for a virtual mastermind.

They’ve each promised to give away one of their favorite AI picks -- for FREE.

So by the time the virtual summit ends, you’ll be armed with three ways to invest in AI.

And, because you’re a loyal Altucher Confidential subscriber…

You’re invited.

WE GO LIVE AT 7PM on THURSDAY, DECEMBER 28

Those who make it on Thursday will benefit most.

Below, James reveals why we should ignore the naysayers.

Here’s the good news about AI.

Read on.

I’m always in a contemplative mood on Christmas.

Here’s what I caught myself thinking about as I looked at all the STUFF wrapped in paper.

Is Elon Musk really wrong? Is Robin Chase, the founder of Zipcar, really wrong? Aren’t they smarter than me? Yes, they are.

Seems random. Let me explain.

They are all building rockets into space and teleportation machines and revolutionizing entire industries. But I’m absolutely sure they are wrong about robots. And history backs me up on this. Common sense backs me up on this. Basic counterexamples back me up on this.

Here’s the issue: if artificial intelligence (AI) and automation really destroy all jobs and change all industries, won’t everyone become poor and we’ll need a Universal Basic Income to survive?

Elon Musk, Robin Chase and many other billionaires say “yes.” Am I against a Universal Basic Income? I don’t know. It works for the world of Star Trek. It doesn’t work for the world of Star Wars. So who am I to say? It would be nice for everyone to have free money, but that’s not the way the world has ever worked.

First let’s look at the reality. Many industries are certainly changing because of automation and AI:

• Cashiers at retail stores are being replaced by self-checkout stations.
• People who work in warehouses, like Amazon warehouses, are being replaced by robots that roll around the warehouse floor picking products and putting them in boxes to ship out.
• Truck drivers, cab drivers, people who make cars, etc are all being replaced by smart machines.
• And, yes, a lot of high income jobs are being replaced by automation and AI as well: surgeons, some lawyers, accountants, etc.

Will all of these people become homeless? Let’s assume they will be. Millions of people will be without jobs. Then I ask the very basic question: if that happens, who is buying what the robots produce? Nobody. Even the rich will stop getting richer. The doctors and lawyers will be out of jobs.

Automation doesn’t just affect Walmart cashiers. The next wave of AI is going to affect doctors, lawyers, and MANY higher income jobs. Get ready for it. Right now there is ENORMOUS demand for many services and products that society has never been able to meet. One basic example from the recent past: ATM machines.

There was huge demand for an easy-to-use machine that would allow people to get cash without waiting in line at a bank.

The bank teller industry was terrified. Would this be the end? Would we no longer need tellers? Here’s the truth of what happened:

• It turned out the demand for banking services was FAR greater than simply getting a few $20s.
• The cost of providing banking services went way down, allowing banks to open up more branches and provide more services to their customers.
• More services provided meant greater conveniences for consumers.
• The lower costs per service provided allowed banks to offer 10x the number of branches that existed previously.
• Today the number of bank tellers and other bank employees is probably 1000% or more greater than it was when ATM machines were created.

That’s just one example. Now let’s go to the theory:

The increase in automation and AI will create greater supply for services and products in high demand. This will create more conveniences for consumers at cheaper prices.

Consumers like cheaper prices. It gives them more money. And selling greater supply at cheaper prices will allow businesses to generate greater profits. Those profits will allow for greater expansion, more products and services, and more employees hired.

I might be 10% wrong. But I’ll still be 90% right.

Creative destruction is a part of life. Just ask the buggy whip makers and the lamplighters. When tech came for their jobs — the automobile and the electric lightbulb, respectively — it happened fast and it was permanent.

But we’re also going to see a lot of new, exciting jobs pop up in the next few years, as technology continues to change our lives and the work we all do.

If things change for the worse, the laws of supply and demand mean that their value goes to zero. Automation would stop. But if things change for the better than wealth is created across all income classes. And then jobs are created. Prices are lower so consumers are happier. And life becomes richer with greater opportunities.

The good news is that AI and automation aren’t going to destroy the job market like so many people expect. They WILL shake things up, but they’ll create many new opportunities.

This won’t all happen right away, but soon we’re going to see a new landscape of jobs. It’s important to get ready for it.

And it’ll create fortunes for investors who see it coming.