AI Is Not Intelligent!

Day #2 of the big holiday weekend features an episode of WealthTrack which finally takes a point of view on AI that I agree with, that AI is not intelligent, that the naysayers who have been predicting a market crash are just so wrong, and that the bull market could very well continue. (I would go further than that; I would say that there are definite signs out there that is almost certainly will continue.) What better way to celebrate this holiday than to bring this phenomenon that we both stand in awe of and fear down a notch or two.  

AI Is Not Intelligent! March 28, 2024 Dear WEALTHTRACK Subscriber, What is everybody talking about from Wall Street to Washington to Main Street? What is the biggest phenomenon moving the markets that just about everyone believes is going to change the world as we know it?  if you guessed AI you are correct. The term artificial intelligence has been around for a long time. It was coined in 1955 by Emeritus Stanford Professor, John McCarthy, who defined artificial intelligence as “the science and engineering of making intelligent machines.” Can't get much more succinct than that! This week’s guest says the November 2022 launch of Open AI’s Chat GPT marked the beginning of the current bull market, but disputes the notion that AI is intelligent. As the title of one of his recent Morning Briefings put it: “AI Isn’t Intelligent.”   He is Ed Yardeni, Head of Yardeni Research, a global investment strategy firm he launched in 2007. He is a PhD Economist, Strategist and Fed Watcher widely followed by investors and the financial press, including WEALTHTRACK.  His firm’s output is prodigious. It includes a detailed, daily Morning Briefing and the recently introduced QuickTakes for individual investors, a daily summary of his macroeconomic observations. He even does movie reviews.    This is part two of our most recent interview with Yardeni. In part one we discussed his economic and market outlook, why he is calling this the roaring 2020s.   In this weekend’s episode, Yardeni tackles why AI isn’t intelligent, economists have been so wrong and the bull market could continue. In our online EXTRA interview, long-time movie buff Ed Yardeni shares his favorite movie of all time.  In addition to public television, the show can also be seen on our website over the weekend. The WEALTHTRACK podcast is available on SoundCloud as well as iTunes and Spotify. Have a happy Easter weekend and make the week ahead a healthy, profitable and productive one! Best regards, Consuelo Facebook WEALTHTRACK Site YouTube Channel As always, if you miss this week’s program, it will be available on our website. For those of you active on Facebook: You can connect with us on our Consuelo Mack  WEALTHTRACK  page.