Does AI know its onions? — 7IM Short Thoughts
As concerns grow that Artificial Intelligence (AI) is here to take over and replace humans across various industries, Ben provides a timely reminder that due to the uniqueness of humans, especially in financial markets, we’re still very much in charge. Onions and a sofa are somehow related to it.
It's been a really interesting week in the world of AI. You've seen the most famous artificial intelligence company, Open AI, gain, lose, gain, lose its CEO and founder like four times over the course of the weekend. So while everyone is proclaiming how important ChatGPT is and how clever it is and how smart it is, it's a great reminder that, at the moment, humans and the weirdness of humans is still something that's important for the world to understand.
And when you apply that to the markets and everyone thinking about how AI might take over financial markets, might take over investing, there are a few reminders out there that the markets are still quite weird and fundamentally human. For example, it is illegal to trade Onion Futures in the United States because about 70 years ago, someone cornered the market and made millions off it.
It was made illegal, and no one's changed that. Or the fact that the London Metal Exchange, to make a trade, you still have to be touching the sofa physically in order to do so. There's no artificial intelligence, at least that I know of, that can physically touch a sofa. It's a good reminder that really humans are still in charge.