Earlier advances in software, cloud, and mobile capabilities forced nearly every business\u2014from retail giants to steel manufacturers\u2014to invest in digital transformation or risk obsolescence. Now, it\u2019s AI\u2019s turn.<\/p>\n
Companies are pumping billions of dollars into AI investments to keep pace with a rapidly changing technology that\u2019s transforming the way business is done.<\/p>\n
Robinhood CEO Vlad Tenev told<\/a> David Rubenstein this week on Bloomberg Wealth that the race to implement AI in business is a \u201chuge platform shift\u201d comparable to the mobile and cloud transformations in the mid-2000s, but \u201cperhaps bigger.\u201d<\/p>\n \u201cIn the same way that every company became a technology company, I think that every company will become an AI company,\u201d he explained. \u201cBut that will happen at an even more accelerated rate.\u201d<\/p>\n Tenev, who co-founded the brokerage platform in 2013, pointed out that traders are not just trading to make money, but also because they love it and are \u201cextremely passionate about it.\u201d<\/p>\n \u201cI think there will always be a human element to it,\u201d he added. \u201cI don\u2019t think there\u2019s going to be a future where AI just does all of your thinking, all of your financial planning, all the strategizing for you. It\u2019ll be a helpful assistant to a trader and also to your broader financial life. But I think the humans will ultimately be calling the shots.\u201d<\/p>\n Yet, Tenev anticipates AI will change jobs and advised people to become \u201cAI native\u201d quickly to avoid being left behind during an August episode of the Iced Coffee Hour podcast<\/a>. He added AI will be able to scale businesses far faster than previous tech booms did.\u00a0<\/p>\n \u201cMy prediction over the long run is you\u2019ll have more single-person companies,\u201d Tenev said on the podcast. \u201cOne individual will be able to use AI as a huge accelerant to starting a business.\u201d<\/p>\n Global businesses are banking on artificial intelligence technologies to move rapidly from the experimental stage to daily operations, though a recent MIT survey<\/a> found that 95% of pilot programs failed to deliver.<\/p>\n U.S. tech giants are racing ahead, with the so-called hyperscalers planning to spend $400 billion on capital expenditures in the coming year, and most of that is going to AI.<\/p>\n Studies show AI has already permeated a majority of businesses. A recent McKinsey<\/a> survey<\/a> found 78% of organizations use AI in at least one business function, up from 72% in early 2024 and 55% in early 2023. Now, companies are looking to continually update cutting-edge technology.<\/p>\n In the finance world, JPMorgan Chase\u2019s Jamie Dimon believes<\/a> AI will \u201caugment virtually every job,\u201d and described its impact as \u201cextraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: think the printing press, the steam engine, electricity, computing, and the Internet.\u201d\n<\/p>\n