Elon Musk Reacts As MIT Engineer Says We're At 'Fraction Of 1% In AI Investment. Imagine What's About To Come In Next Decade:' 'Exciting, But Also Worrying'

Tesla Inc. CEO and xAI founder Elon Musk is thrilled and concerned at the same about the extensive AI investment possibilities.

What Happened: Responding to Massachusetts Institute of Technology (MIT) engineer and Executive Chairman of Singularity University, Peter Diamandis, Musk expressed his mixed feelings about the future of AI investment.

Diamandis said we are currently at a “fraction of 1% in AI investment" and speculated about the potential advancements in the next decade.

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Musk, while agreeing with Diamandis, had mixed feelings about it.

"Exciting, but also worrying."

Exciting, but also worrying

— Elon Musk (@elonmusk) May 1, 2024

This comes at a time when Musk said Tesla needs to be looked at as an "AI or robotics company." This was after Ark Invest's Cathie Wood called Tesla the "biggest AI project" in the world.

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Why It Matters: Musk’s post comes at a time when the AI industry is experiencing significant growth.

Leaders in the tech industry, such as OpenAI CEO Sam Altman and Nvidia Corp. CEO Jensen Huang, have been vocal about the potential of AI and the need for substantial investments to drive its development.

Altman has emphasized the significance of computing power, suggesting that “compute” will be the “currency of the future” instead of fiat or cryptocurrency king Bitcoin. He sees a $100 trillion opportunity in AI.

Echoing similar sentiments as Diamandis, Huang predicted that the current "AI computing ramp" is just the beginning and is expected to continue for several years.

He suggested that the AI computing industry is still in its early stages and is likely to see significant growth in the coming years, particularly in sectors like healthcare.

Altman, in a bid to revolutionize the global production of artificial intelligence chips, is reportedly seeking approval from the Joe Biden-led administration for his $7 trillion chipmaking dreams. The project's advancement hinges on approval from the U.S. government.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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