Let's take a historical analogy. Here's a cool video about how to make money trading. If you're under 40 you might only have seen this form of trading in the Ed

Let's take a historical analogy. Here's a cool video about how to make money trading. If you're under 40 you might only have seen this form of trading in the Eddie Murphy/Dan Aykroyd movie Trading Places: https://www.youtube.com/watch?v=ffEPqLIBnkM https://www.youtube.com/watch?v=ffEPqLIBnkM There's two kinds of advice in this video. There's the timeless advice: be informed, understand why people are trading, know the rules. There's the incidental advice: be physically dominant, stand in the right place in the pit, look around you. Not long after this talk, trading started getting done by computers. This is still ongoing amazingly, but it started around when this video was recorded. People were already known to be bringing in machines to calculate prices, and a friend of mine was one of the first to type in old commodity prices into a computer in order to find long running trends. Some of the guys who were successful on the floor were also successful "upstairs" sitting in front of a screen. Others went on to driving a black cab. What happened? Two things, one is that fundamentals remain fundamentals. If you knew the rules and understood the customers, you could still make money on a computer. You also had to learn how computers worked. This often meant that new hires were of a different culture entirely to the Essex boys who'd previously ruled the market. My first boss traded options without the equivalent of a high school diploma. He (wisely!) hired an Oxford engineering graduate. What also happened was that a new incidental skill-set became very important, namely programming. Suddenly opportunity opened up if you understood how microwave links worked, how lock-free queues worked, how exchange APIs worked. This was perhaps the equivalent of that story about the Rothschilds and the Battle of Waterloo, where the economic fundamentals were the same but the winner was someone who could organize the mechanics best. I suppose AI will be the same. Various businesses will have their fundamentals, but AI may entirely change the face and the culture according to who can figure out how to use it. Some people will survive having retooled, others will have to leave, having discovered their position was actually only held up by incidental factors.