by Nicholas Mitsakos | Artificial Intelligence, Transformative businesses, Writing and Podcasts
Artificial intelligence is disrupting all software and services – when applied within narrow and specific parameters. It performs useful tasks and provides meaningful information for decision-makers but within well-defined data sets.AI still has significant limitations, and large language artificial general intelligence programs like ChatGPT (AGI) may not be the big leap forward many imagine. It is not the vanguard of a new era permeating every aspect of our professional, academic, and personal life. AGI’s usefulness is overstated, and it is not going to happen. Intelligence is not a lumbering statistical engine searching for patterns to generate a useful response. AGI is. The predictions of AGI are superficial and dubious. True intelligence is the ability to think and express improbable but insightful ideas (e.g., Einstein’s Theory of Relativity, Newton’s Laws of Motion, and many other improbable, insightful, and truly intelligent insights). Machine learning cannot do this. ChatGPT is a lumbering statistical engine searching for pattern recognition and feeding on incomprehensible terabytes of data and extrapolating the most probable answer. By contrast, the human mind is an efficient elegant system operating with small amounts of information. Human intelligence creates explanations. It does not infer conclusions by brute force and spurious correlations.
by Nicholas Mitsakos | Book Chapter, China, Economy, Globalization, Public Policy, Trade, Transformative businesses, Writing and Podcasts
Isolationism, fragmentation, and pessimism always fail. Globalization has been everyone’s favorite punching bag for a while. It is hard to feel optimistic about its prospects. However, globalization has a better future. If you are a fan of globalization, cooperation, and comparative advantage, the last decade has been extremely challenging. Ten years ago was a time of optimism on a global scale. However, economic and geopolitical forces have combined to add friction and fragmentation to global exchange. The benefits are now even greater and with everyone’s self-interest and mutual benefit, this geopolitical stalemate will pass – more quickly than is commonly thought today. Cooperation, integration, and mutual benefit win in the end. It is a time to be optimistic once again.
by Nicholas Mitsakos | Artificial Intelligence, Biotechnology, Book Chapter, drug discovery, Green Energy, Health Care, Innovation, Public Policy, Science, Technology, Transformative businesses, Writing and Podcasts
Our most intractable problems cannot be solved with behavior modification, conservation, or our existing technology, regardless of its advanced or widespread applications. Only new knowledge creating innovative solutions can address our most intractable problems. This can only be achieved through basic scientific discoveries and then combining these discoveries with enterprise-based innovation, commercial discipline, and competition. Innovation, creativity, and competitive dynamics create the most effective innovations, the best solutions, and the most sustainable companies. Developing the best public policy as well as the best structure to enable innovative and creative solutions, as well as the economic incentive to scale these opportunities and make them economically sustainable. Central planning, bureaucratic industrial policy, government-led economic management, and dictatorial focus have always failed, and always will.
by Nicholas Mitsakos | Artificial Intelligence, Biotechnology, drug discovery, Transformative businesses, Writing and Podcasts
Discovery, innovation, and practical application are never a straight line and, the best analogy is “the broken road.” Our greatest discoveries and advancements have confusing, uneven, and broken pathways that often lead somewhere astonishing – even though at the outset the initial steps could never envision this as a final destination. Artificial intelligence is the embodiment of this concept. A powerful tool that can lead anywhere given the imagination and unlimited creativity of its users. There may be nowhere more impactful, generating therapies for unmet medical needs in record time, than artificial intelligence’s ability to mimic evolution in minutes. The real outcomes are still unpredictable, but the potential is unfathomable. AI languages that produce pictures seem to be initially relegated toward a combination of Tik-Tok influencers, outraged artists, and those with limited imaginations and creative skills. But now, AI-generated pictures can use text to direct specific protein designs with properties of shape, size, and/or function that make it possible for these new proteins to perform specific tasks on demand. This breakthrough may lead to more efficient and effective drug development and, the discovery in minutes of what evolution would otherwise have taken millions of years to develop.
by Nicholas Mitsakos | Artificial Intelligence, Biotechnology, Digital Assets, Financial Technology, Green Energy, Transformative businesses, Writing and Podcasts
Most current innovations have yet to reach their potential, and new innovations are essential to address the most critical issues we confront, whether that is climate change, food scarcity, water shortages, or more effective distribution of innovation itself. Advanced technologies can be many things, but several areas, including artificial intelligence, life sciences, and software innovations provide the most potent platform for new opportunities, disruptive innovation, and value creation. Software will disrupt the most important industries in the world, especially finance, life sciences, and communications. These will be the fundamental innovations that will drive value creation over the course of the next year, and from now on.
by Nicholas Mitsakos | Artificial Intelligence, Biotechnology, Book, China, commodities, Digital Assets, Economy, Financial Technology, Public Policy, Russia, Technology, Transformative businesses, Writing and Podcasts
This book explores the next decade’s more frequent and intense economic, geopolitical, fiscal, and market volatility, technological innovation, disruption, and hype.
Long-term opportunity exists, and this book uses a 10-year horizon as a surrogate for a long-term perspective. Some of the world’s most important industries are being disrupted, especially finance via digital assets and Blockchain-based businesses, life sciences via gene editing, DNA sequencing, and CRISPR, and communications via advanced wireless data networks, software technologies including artificial intelligence, and new interactive platforms such as the Metaverse.
by Nicholas Mitsakos | Artificial Intelligence, Financial Technology, Technology, Transformative businesses, Writing and Podcasts
The collapse of FTX shows how easily crypto is manipulated and the “crypto ecosystem” is fundamentally driven by centralized players and not any true form of decentralized or digital assets. Cryptocurrency is a sideshow and benefits no one other than speculators hoping for a greater fool. However, the combination of digital asset regulation, central-bank cooperation, and distributed assets via decentralized platforms still represents one of the most intriguing opportunities, and, with the potential disruption of global finance, one of the most exciting investment areas today.
by Nicholas Mitsakos | Artificial Intelligence, Book Chapter, Transformative businesses, Writing and Podcasts
A new vision for artificial intelligence is using smaller more relevant data sets for dynamic learning generating more effective outcomes and better predictions. This model uses cognitive architecture, learns, transfers learning, and retains knowledge – enabling more valuable and compelling artificial intelligence applications. This approach is more closely related to the brain’s actual structures and much more effective than “neural networks,” which is a catchy name but the similarity to the brain’s actual functioning is in name only. Real advancement in artificial intelligence must live in reality, not theoretical marketing. The current state of artificial intelligence shows the shortcomings of big data and trial-and-error approaches. A new AI vision can be a more effective solution. Smaller data sets, more relevant information, dynamic data, and algorithms will lead to more appropriate outcomes, better tools, and more effective applications.
by Nicholas Mitsakos | Investment Principles, Technology, Transformative businesses, uncertainty, Writing and Podcasts
Predictions usually end up being nonsense. We simply draw a trajectory from what we know today. But innovation is a discontinuity. Things are unpredictable because innovation does not come from consensus thinking. It comes from small groups and individuals with a spark of entrepreneurship, intelligence, and vision. One of the fundamental tenets of predicting technology is that most forecasters get things spectacularly wrong.
by Nicholas Mitsakos | Artificial Intelligence, Biotechnology, Book Chapter, Technology, Transformative businesses, Writing and Podcasts
Innovation is unpredictable and astonishing – it can address the world’s most critical issues today, from hunger to efficient energy, to devastating diseases. It is also too often misguided, inefficient, and meaningless – creating nothing more than distractions and wastes of time cloaked in an image of technological wonder. Misguided and manipulative business plans sit side-by-side with the groundbreaking disruptions that may address society’s greatest problems.
by Nicholas Mitsakos | Artificial Intelligence, Biotechnology, Financial Technology, Green Energy, Health Care, Investments, Public Policy, Technology, Transformative businesses, Writing and Podcasts
Remarkable things can happen. Or not. Can we solve climate change, food shortage, limited healthcare, and other global stresses – all with TikTok videos? Innovation is unpredictable and astonishing – it can address the world’s most critical issues today, from hunger to efficient energy, to devastating diseases. It is also too often misguided, inefficient, and meaningless – creating nothing more than distractions and wastes of time cloaked in an image of technological wonder. Misguided and manipulative business plans sit alongside the groundbreaking disruptions that may address society’s most significant problems. We don’t have time. Even though there is no clear argument for resources going to a new video-sharing platform or immersive game, that is beside the point. Technology delivers something, nothing else can. It is the only way to find solutions to otherwise intractable and potentially devastating global crises. The freedom to pursue solutions is the essential first step. Letting the best people do their best is still the best policy. It will also generate the best outcome.
by Nicholas Mitsakos | Book Chapter, Digital Assets, Investments, irrationality, Transformative businesses, Writing and Podcasts
It has taken over 30 years for the overnight sensation of the Metaverse, but now hype, money, and large technology companies are charging in. Most obvious and conspicuous is Facebook’s maneuver to change its name to Meta Platforms and commit $10 billion. Microsoft is making a $70 billion acquisition of Activision to mostly focus on Metaverse platform development. Following on top of these two elephants is tens of billions of dollars of venture capital. The opportunity is considered comparable to the original iPhone. None of the iPhone’s component services – mobile phone, computer, camera, and operating system, were new or distinct. The iPhone revolution is the convergence into a single device (or platform) and, most importantly, the entrepreneurial spark that lit millions of application developers to create value from the iPhone platform.
The Metaverse can best be thought of as the intersection of technologies and users. It combines virtual and augmented worlds, virtual assets, digital assets, and gaming into a single platform. However, there doesn’t seem to be anything too disruptive about the Metaverse or Web 3.0. It’s reasonable to be skeptical, and while there is an economic opportunity within the specific creation of Metaverse assets, the real opportunity remains with the infrastructure, intermediaries, picks, shovels, and “the arms dealers” of global digital war.
