By Jack Sidders and Leonard Kehnscherper
Artificial intelligence will usher in a period of “digital Darwinism” that will be “very, very brutal” for companies that fail to adapt, according to the chief investment officer of Allianz Global Investors’ global equities business.
“AI is both a threat and a huge opportunity,” Virginie Maisonneuve said at the Bloomberg Investment Management summit in London Wednesday. “It’s very hard to make a forecast, but 15% to 20% of companies listed today could not be here in five years time.”
The advent of AI has driven a massive rally for the perceived winners of the nascent technology such as chipmaker Nvidia Corp., which has gained 161% since the November 2022 release of OpenAI’s ChatGPT. It’s also ushered in fears that swathes of jobs and industries that could be rendered redundant by the technology.
Maisonneuve sees AI making a slew of companies obsolete while others will be acquired, she said as part of a panel discussing the global investment landscape.
Copyright Bloomberg News
