Elon Musk disagrees with PayPal co-founder Peter Thiel's comparison of AI and ‘90s internet, Tesla CEO says, ‘I do think…'
Tesla CEO
Elon Musk has publicly disagreed with
PayPal co-founder
Peter Thiel's assessment of AI's impact on the economy. Thiel, who co-founded the online payments service with Musk, compared the scale of AI's impact on the economy to that of the internet in the late 1990s. However, Musk believes AI's transformative power on the economy will be significantly higher. A recent post shared by a user on the social media platform X (earlier Twitter) includes a transcript of Thiel's thoughts, where he says his 'placeholder is that it's roughly on the scale of the internet in the late '90s.' He also suggested AI may 'add maybe a few percentage points to maybe 1% to GDP growth every year for 10, 15 years."
What Elon Musk said about Thiel's 'AI assessment'
Replying to the thread of posts, Musk countered,
"I do think AI and robotics will lead to a surplus and massively increased economy in 10 years."
Earlier, Musk replied to the first transcript, saying,
'I think Peter's guess is low by a large margin.'
What Peter Thiel said about AI's impact on economy
In the transcription shared on the X post, Thiel said:
'Well, I don't know. There are a lot of layers to this. One question we can frame is: Just how big a thing do I think A.I. is? And my stupid answer is: It's more than a nothing burger, and it's less than the total transformation of our society. My placeholder is that it's roughly on the scale of the internet in the late '90s. I'm not sure it's enough to really end the stagnation. It might be enough to create some great companies. And the internet added maybe a few percentage points to the maybe 1% to GDP growth every year for 10, 15 years. It added some to productivity. So that's roughly my placeholder for AI.'
In the same thread, the user also shared another transcript where Thiel mentioned discussing this topic with the world's richest man.
In this transcript, Thiel noted:
'I had a conversation with Elon a few weeks ago about this. He said we're going to have a billion humanoid robots in the U.S. in 10 years. And I said: Well, if that's true, you don't need to worry about the budget deficits because we're going to have so much growth, the growth will take care of this. And then — well, he's still worried about the budget deficits. This doesn't prove that he doesn't believe in the billion robots, but it suggests that maybe he hasn't thought it through or that he doesn't think it's going to be as transformative economically, or that there are big error bars around it. But yeah, there's some way in which these things are not quite thought through.'
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