And last but not least, I want to turn it over to Ujwal. He is not a billionaire, but he's on this
panel because he's about to be one. And he has some excellent tips and technologies that we should
all be paying attention to and that may be critical for us. So I will turn it over to him to close
us out. Thank you, Dr. Cook. So before going into the business world,
I'm kind of an engineer turned into entrepreneur. So I worked as an AI engineer for companies like
Meta, Intel, IBM, Micron, working from like chip design level all the way to the firmware level to
the software level. I had a very good look, like early look on AI.
around 2015, 2016 timeframe where I played around with the early versions of these modern LLM's
large language models like Claude or chat GPT that you guys might be familiar with today.
The first time that I play around with, we had like a PDF that we ingested in the engine and then
we could have like a very, very lengthy discussion just out of the PDF. And that was talking to me.
And then at that time. I told my bosses at Intel that, oh, my God, if somebody builds a scalable
system out of it and then there's an API, this is going to put a dent in the world. And people are
like, what the hell are you talking about? It's just a small attention engine. And then slowly
actually moved up in the ranks in Intel, became one of the engineering executives,
got close to our CEO Pat Gelsinger at the time. And then I told him that Intel is not winning the
race with Nvidia and all his executives and him. They were like, what the hell are you talking
about? Like Intel is Intel and Nvidia is just a small startup. And Pat was like, I know Jensen and
yeah, he's trying. But and I was like, they and it's not because Intel did not have enough funding
that they were not able to beat Nvidia. Right. It was a direction of the company.
Right. And the reason I'm talking about it over here is that
Companies like Intel or any company that is like $100 billion plus, they are basically at that
point a capital allocator. And their future depends on where they're allocating capital because
they are generating large amounts of revenue, tens of billions of dollars a year in profits
sometimes. And it all depends on... Where they bet their money on and that is very very similar to
what most of you guys over here do and all my panelists over here They are all running family
offices or investment organizations It always looks like something is too far off until it's not
right and a lot of people Even when I was working at Intel called AI fad.
It's just a high It's not gonna work out and right now every pizza release out of open ai or
anthropic is taking out 60 to 70 billion dollars uh of the global uh markets right so it's actually
causing a huge dent and very soon we'll see that most of the enterprises in the world will be very
soon meaning within next five years most of the enterprises in the world will be running with 80%
AI and 20% humans. Human in the loop will still be important up until next five to seven years.
But in next 10 to 15 years, it might be like 99% AI and 1% human. Human in the loop will still be
required. And maybe we'll never go out of 1% human and 99.
It'll probably never be 100% AI. But the rate of progress that we're seeing in this
the top frontier model companies and where the industry is headed that is likely to come.
So I just wanted to share some insights on where the family offices or investment businesses need
to focus on. It is the compute. It is the AI infrastructure. It is the question. Let me ask you a
question. If there's only 1% of human in the tool, what happens to humans?
Where do they go? You stop making babies, according to what I heard.
And it's a doom and gloom. I don't think today, I don't think AI will elevate to the...
Who is the AI servicing then? If there's no humans paying, who is the AI running for?
Well, we all know about... So I can actually answer that.
Right.
That's a good panel today. We're going to fight. Don't go down.
I can actually answer that. The size of the global economy. uh it will be actually doubling
tripling quadrupling so it will actually go uh it will become very very big and even though i said
one percent uh in any organization that doesn't mean that one percent of the global population will
be working is that one percent of human effort and 99 ai so maybe the entire population in the
world will still be employed it's just that the size of global economy will actually go hundredfold
So it's not that humans are losing jobs. I think humans will still have jobs. They will actually
have higher and higher paying jobs. And it's just that the size of economies and even the top guys
at the Fed over here in the United States, they have been saying that U.S.
economy will be like doubling or quadrupling within next five to ten years. Right.
And that has never happened before. and most of the time the size of the gdp is directly
proportional to the amount of work done in the system but now the first time in the human
civilization we have outsourced thinking to the computer which is a lot of work that we do and 99
of our work is already digitized so we're at a point where ai can do our work but also it can think
make decisions but that does not necessarily mean that There is a theory that humans will lose
jobs. I think humans will still have the job. They might need to do reskilling,
upskilling, and maybe there has to be a large scale capacity building thing.
But the future is definitely AI and quantum computing. To those of you who still believe that AI is
a fad, I feel sorry for you because you guys have already been proved wrong, right? And some people
are calling quantum computing a fad now, but they will be proved wrong within the next five years,
too. I have something to add. Revenge of the Nerds mixed with Terminator.
Future for us. They're going to get back at us. By show of hands, who agree and who disagree with
this?
He's a nice man. Hopefully the rest are. He's a decent man. I try.
Better have fun at least a little bit. Come on, guys. Definitely a lot to think about. The class
struggles, the humanity versus tech, and investment plays that we can make in the near term.
But building those long-term relationships with other humans. I know humans aren't worth it.
We're just humans, but we got to try. Because this AI is going to turn on us. We know it.
We've been through COVID. They're not going to help us. The economy will grow, and we'll go to the
same one to two people. Don't buy it. Ain't gonna trickle down to you.
So my takeaway is that after we listen to Richard's closing remarks,
we should make a point during the networking hour at the very end to build some relationships with
other humans in this room. Tax the AI 80%. Stop taxing the humans. Stop taxing the humans.
Tax the AI 80%. All right, big round of applause here for panel number six. Hi,
I'm Richard C. Wilson. Our community has closed over $1 billion of transactions. We have over 16
million registered members across 100 plus LinkedIn groups. And I own billionaires.com and run
Family Office Club. Over 19 years, we've hosted 300 live events. I've built 50 of our own AI tools.
And between the billionaires I've interviewed... Distant to millionaires who have spoken on stage
and over a thousand decamillionaires who have presented, we've found there's three things that
really can build your wealth. Proximity, superintelligence, and scale. That's exactly what we
provide at Family Office Club. We host 30 events a year, including five large summits for wealthy
founders and investors, dozens of workshops and masterminds, including 12 artificial intelligence,
laptops out, implementation workshops. So you leave with AI implemented. To learn more,
please go to familyoffices.com and I look forward to personally meeting you at our next live
event.