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article imageNasdaq vice chair thinks AI could create 'a new sector'

By James Walker     Nov 8, 2017 in Technology
Nasdaq vice chairman Bruce Aust has suggested the proliferation of AI could create a new business sector that innovates in ways we can't yet appreciate. Singling out autonomous vehicles as an example, Aust said he's "excited" about today's early work.
AI's set to play an increasingly important role in commerce, industry and finance over the next decade. Companies will demand new AI-powered technologies to help them analyse their data, unlock new opportunities and innovate in competitive markets. This will create a boom time for AI providers who'll have the chance to build new services utilising the in-demand tech.
Aust said this will create a "new sector" with innovations "we probably don't know about yet." He made the comments during an interview with CNBC during the Web Summit conference in Lisbon, Portugal. Aust explained he's optimistic that AI could be used to modernise legacy processes and create more human jobs.
"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," CNBC reports Aust said. "[AI could be] applied to really enhance and modernize a lot of things that we're doing today," he added.
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Artificial intelligence won't necessarily be the main selling point of firms using it as an innovative base. Its real value will come when products and services are created that wouldn't be possible without sophisticated machine learning. People often speak of the "information era" to refer to the years since the Internet took off. AI will start to make all the information actionable, offering new insights and opportunities.
Autonomous vehicles are an obvious example of how AI's enabling societal change. There are many other ways in which the tech could transform the world though, whether by helping scientists protect the environment or saving you a few hours each week by assisting you in household tasks. AI has far-reaching implications on both global and local scales.
Over the next few years, more startups will appear with a mission that's focused on AI. These companies could become the corporate titans of the future, engineering a new sector that offers greater opportunities than in any previous era. Aust said he's "excited" about firms already using AI, reflecting he hopes they'll "eventually come to market and list on Nasdaq one day." If they do, their success will have come from the way in which they apply AI to new problems.
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