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Nasdaq Vice Chairman Believes AI Could Create Entirely New Business Sector

Nasdaq.bfishadow/Flickr

Artificial intelligence is growing in popularity within the several industries, including tech, business, and of course, food and beverage. However, Nasdaq Vice Chairman Bruce Aust thinks that AI might actually create a sector that humans have not thought of yet. The ability of machines in producing new markets could play a huge role in how the finance industry is shaped in the future.

Aust made his prediction in an interview with CNBC during the Web Summit conference, which was held in Lisbon, Portugal. Citing emerging sectors like self-driving cars, the finance expert outlined the kinds of services that AI could produce or play a huge role in.

"I think AI is really going to be the technology behind a lot of these great companies that provide the innovations that will be a new sector we probably don't know about yet," Aust said and later added, "You look at autonomous vehicles, things like that, they really do use a lot of artificial intelligence too. So I think we're excited about the early stage companies that are here, and we hope that eventually they'll come to market and list on Nasdaq one day."

Of course, creating new fields and business sectors is nothing new. Throughout history, economies have always been fluid, with new products, entities, and corporations popping up and disappearing. Bringing AIs into the mix will only make this particular aspect of economies more unpredictable.

As Futurism notes, the prospect of an increasingly autonomous age means job losses are going to be high. In the same way the industrial revolution shaved factory and agricultural employment significantly, many are going to end up displaced by machines.

Then there’s the matter of threats that AIs pose, as Tesla CEO Elon Musk and famed physicist Stephen Hawking keep warning the world about. So, while intelligent machines could certainly create new business sectors, it could obliterate existing ones and leave many people jobless.

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