Embrace AI or perish

According to Bank Zero chairman Michael Jordaan, artificial intelligence (AI) will radically transform the world, and businesses must adapt.

“I think businesses that don’t lean into AI, those that don’t start using it for decision making, may not be around in 5 to 10 years,” Jordaan told The Money Show with Bruce Whitfield.

According to him, the launch and acceptance of ChatGPT indicate that the “age of machine learning has arrived.”

ChatGPT is an AI chatbot developed by OpenAI that was used by over 100 million people in its first two months.

AI-enabled companies, such as ChatGPT, will be able to make better judgements than those that do not.

Jordaan decided to put his money where his mouth is. He formed two investment funds that would invest in businesses that use AI technology to operate them.

With the initiative, he has joined forces with Nic Kohler, Willem Roos, and Roger Grobler, a group that has been investing together for eight years.

AI Capital is their most recent fund. It is based in Singapore and plans to invest in Africa, South and Southeast Asia.

Jordaan also invests in AI Asset Management, a company that employs mathematical and statistical tools to guide and automate investing choices.

The corporation is already investing in the NASDAQ stock exchange in order to establish a track record of performance.

He stated that investors must adopt the most recent technological advances since older investments may not be as safe as they once were. Banks and traditional bonds are two good examples.

Jordaan predicted that artificial intelligence (AI) will become widespread, necessary, and powerful in our current society. “No use fighting this macro trend. Rather lean in,” he advised.