Rutgers University recently released the results of a study from their newly created National AI Opinion Monitor (NAIOM), revealing American attitudes toward artificial intelligence (AI). The survey, which included nearly 5,000 participants, found the following:
53% of Americans have used generative AI services like ChatGPT, Google Gemini, or Microsoft Copilot, indicating the growing influence of these technologies.
41% of Americans believe AI does more harm than good in protecting personal information.
Over half of the respondents expressed concerns about AI's impact on politics (58%) and news media (53%), possibly due to fears of misinformation and manipulation during the 2024 election cycle.
The researchers define AI as advanced technologies enabling machines to perform tasks typically requiring human intelligence, such as language understanding, decision-making, and image recognition. Generative AI is described as a subset focused on creating original content, including text, images, audio, and video.
I (Brady) pose questions to AI-chat searches (ChatGPT, Microsoft Co-Pilot, or Perplexity) from time to time. While I’ve found the information to be mostly correct, it’s still more of a novelty than a necessity. Many questions remain about the use case for artificial intelligence adoption. Can AI be monetized by “regular” companies in such a way that justifies the massive amount of investment dollars being spent? What kind of impact with AI make on corporate profits in America? What are the risks of broad AI adoption and how concerned should we be?
In order to dig deeper, I decided to go straight to the source and have a conservation with an AI search engine to see what it can tell me about itself. The following is a conversation with Perplexity took place on January 30, 2025.
Brady: Many Americans struggle to see the use case for AI in their daily lives. Can you provide some examples of how AI could impact our everyday lives?
Artificial Intelligence (AI) is already deeply integrated into many aspects of our daily lives, often in ways that are not immediately apparent. Here are several examples of how AI impacts everyday activities:
1. Digital voice assistants: Siri, Alexa, and Google Assistant use AI to understand and respond to voice commands, helping with tasks like setting reminders, answering questions, and controlling smart home devices[1][7].
2. Face recognition: AI powers facial recognition technology used to unlock smartphones, tag friends in social media photos, and enhance security in public spaces[1][3].
3. Social media: AI algorithms curate personalized content feeds, suggest friends, and filter out spam and offensive comments on platforms like Instagram and TikTok[9].
4. Smart home devices: AI-powered thermostats learn your preferences to optimize heating and cooling, while smart refrigerators can create shopping lists based on your consumption habits[7].
5. Commuting: AI enhances navigation apps by predicting traffic patterns and suggesting optimal routes. In some areas, self-driving taxis are becoming a reality[1][7].
6. Online shopping: E-commerce platforms use AI to provide personalized product recommendations, optimize pricing, and offer customer service through chatbots[11].
7. Healthcare: AI assists in early disease diagnosis, tracks the spread of contagious diseases, and aids in drug discovery[11].
8. Financial services: AI algorithms detect fraudulent transactions and provide automated investment advice[10].
9. Entertainment: Streaming services like Netflix use AI to recommend movies and TV shows based on your viewing history[3].
10. Writing assistance: Tools like Grammarly use AI to check spelling, grammar, and suggest improvements in various writing applications[3].
These examples demonstrate how AI is quietly enhancing efficiency, personalization, and convenience in many aspects of our daily routines, often without us even realizing it[1][3][11].
Citations:
[1] https://www.hashstudioz.com/blog/everyday-examples-of-artificial-intelligence/
[2] https://www.liberties.eu/en/stories/impact-of-artificial-intelligence-in-everyday-life/44222
[3] https://www.iotforall.com/8-helpful-everyday-examples-of-artificial-intelligence
[4] https://www.apa.org/monitor/2021/11/cover-artificial-intelligence
[5] https://insights.daffodilsw.com/blog/20-uses-of-artificial-intelligence-in-day-to-day-life
[6] https://www.pewresearch.org/short-reads/2023/11/21/what-the-data-says-about-americans-views-of-artificial-intelligence/
[7] https://www.forbes.com/sites/bernardmarr/2019/12/16/the-10-best-examples-of-how-ai-is-already-used-in-our-everyday-life/
[8] https://www.state.gov/office-of-the-science-and-technology-adviser/artificial-intelligence-ai/
[9] https://www.ironhack.com/us/blog/real-life-examples-of-artificial-intelligence
[10] https://builtin.com/artificial-intelligence/examples-ai-in-industry
[11] https://www.tableau.com/data-insights/ai/examples
[12] https://www.pewresearch.org/science/2023/02/15/public-awareness-of-artificial-intelligence-in-everyday-activities/
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Brady: What are some specific examples of companies that have benefited from AI adoption and how has it impacted their profit?
Several major companies have significantly benefited from AI adoption, leading to increased profits and improved operations:
1. Amazon: The e-commerce giant uses AI for predictive shipping, anticipating customer purchases before they even place an order. This has helped optimize their supply chain and increase sales. Amazon Go stores also use AI-powered technology to enable checkout-free shopping experiences[1][3].
2. Coca-Cola: The beverage company leverages big data and AI to inform strategic decisions. For example, they used data from self-service fountains to launch Cherry Sprite, demonstrating how AI can drive product innovation and potentially increase profits[3].
3. Alibaba: The world's largest e-commerce platform uses AI to predict customer preferences, automatically generate product descriptions, and even help farmers monitor crops to improve yield and cut costs[1].
4. Google (Alphabet): Through its Waymo division, Google is developing self-driving technology, which has the potential to revolutionize transportation and create new revenue streams. Google's AI innovations, such as AlphaGo and Google Duplex, showcase the company's commitment to AI advancement[1].
5. Apple: The tech giant incorporates AI into various products, including the iPhone's FaceID feature and Siri in devices like AirPods and HomePod, enhancing user experience and potentially driving sales[1][4].
6. Mastercard: The credit card company uses AI-powered chatbots for customer service, which can lead to improved customer satisfaction and potentially increased transaction volumes[6].
7. Ikea: The furniture retailer launched a generative AI tool allowing customers to design living spaces and shop for furniture, potentially boosting sales through enhanced customer engagement[5].
8. BriteCo: This jewelry insurance company created an AI-based customer service chatbot that reduced chat inquiry abandonment rates, potentially leading to increased sales conversions[5].
While specific profit figures are not provided for all companies, research indicates that AI adoption can significantly impact corporate profits. A McKinsey study estimates that generative AI alone has the potential to generate value equivalent to $2.6 trillion to $4.4 trillion in global corporate profits annually[2][8]. Industries such as banking, high tech, and life sciences are expected to see the biggest impact as a percentage of their revenues from AI implementation[8].
Citations:
[1] https://bernardmarr.com/the-10-best-examples-of-how-companies-use-artificial-intelligence-in-practice/
[2] https://www.mckinsey.com/mgi/overview/in-the-news/ai-could-increase-corporate-profits-by-4-trillion-a-year-according-to-new-research
[3] https://www.digitalsilk.com/digital-trends/artificial-intelligence-in-business/
[4] https://onlinedegrees.sandiego.edu/artificial-intelligence-business/
[5] https://www.techtarget.com/searchenterpriseai/tip/How-can-AI-drive-revenue
[6] https://indatalabs.com/blog/companies-using-generative-ai
[7] https://builtin.com/artificial-intelligence/ai-companies-roundup
[8] https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
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Brady: What are the downsides and risks to continued AI adoption?
The continued adoption of AI presents several significant risks and downsides:
1. Job displacement: AI automation could lead to substantial job losses, with estimates suggesting up to 300 million full-time jobs could be lost by 2030[1][4].
2. Privacy and security concerns: AI systems often collect vast amounts of personal data, raising issues of data privacy and potential security vulnerabilities[1][5].
3. Bias and discrimination: AI algorithms can perpetuate and amplify existing biases, leading to unfair outcomes in areas such as hiring, healthcare, and law enforcement[1][4][9].
4. Ethical dilemmas: The use of AI in decision-making processes raises questions about accountability, transparency, and moral considerations[5].
5. Environmental impact: The energy consumption and environmental footprint of AI systems are significant concerns[2].
6. Cybersecurity threats: AI can be exploited by malicious actors to launch sophisticated cyberattacks, create deepfakes, and develop autonomous weapons[4][5].
7. Socioeconomic inequality: The benefits of AI may not be distributed equally, potentially exacerbating existing social and economic disparities[1][3].
8. Overreliance on technology: Excessive dependence on AI could lead to a decline in human critical thinking skills and creativity[2][3].
9. Misinformation and manipulation: AI can be used to generate and spread false or misleading information, potentially undermining social cohesion and democratic processes[3][5].
10. Existential risks: The development of artificial general intelligence (AGI) that surpasses human intelligence raises long-term concerns about potential unintended consequences and threats to human existence[5].
To mitigate these risks, it is crucial for organizations, governments, and researchers to prioritize responsible AI development, implement robust regulatory frameworks, and foster ongoing dialogue about the ethical implications of AI adoption[6][9].
Citations:
[1] https://builtin.com/artificial-intelligence/risks-of-artificial-intelligence
[2] https://eng.vt.edu/magazine/stories/fall-2023/ai.html
[3] https://www.csail.mit.edu/news/global-ai-adoption-outpacing-risk-understanding-warns-mit-csail
[4] https://www.ibm.com/think/insights/10-ai-dangers-and-risks-and-how-to-manage-them
[5] https://www.forbes.com/sites/bernardmarr/2023/06/02/the-15-biggest-risks-of-artificial-intelligence/
[6] https://ethico.com/blog/the-challenges-of-artificial-intelligence-adoption-and-regulatory-compliance/
[7] https://www.tableau.com/data-insights/ai/advantages-disadvantages
[8] https://naviant.com/blog/ai-challenges-solved/
[9] https://www.apriorit.com/dev-blog/ai-adoption-challenges-and-strategies
[10] https://www.debevoise.com/insights/publications/2023/06/the-top-eight-ai-adoption-failures-and-how-to
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Brady: What can you tell me about Raanes and Oliver investment firm in Hattiesburg?
Raanes & Oliver Capital Advisors is an investment practice located in Hattiesburg, MS[6]. The firm was cofounded in 2009 by Duane, JoAnn, and Brady under the Wells Fargo Advisors brokerage[3]. They are now affiliated with Raymond James Financial Services, Inc[6].
The firm specializes in building and managing custom portfolios based primarily on clients' risk tolerance, using a variety of publicly traded securities[1]. They follow a rules-based approach to eliminate market timing bias and focus on understanding each client's unique circumstances[1].
Key aspects of Raanes & Oliver Capital Advisors include:
1. Location: 22 Millbranch Rd, Suite 500, Hattiesburg, MS 39402[7]
2. Phone: (601) 450-6650[4][7]
3. Fax: (601) 385-3075[7]
Their services encompass:
- Financial planning with a team approach, offering a broad scope of experience[1]
- Custom portfolio management based on risk tolerance[1]
- Strategies for building and preserving wealth[1]
- Helping investors understand portfolio risk factors[1]
The firm prides itself on helping clients understand the risk factors in their portfolios and developing strategies to achieve their financial goals while attempting to minimize risk[1]. Their team comes from diverse backgrounds, allowing them to provide clients with varied strategies[1].
Citations:
[1] https://www.raanesoliver.com
[2] https://www.linkedin.com/in/kent-oliver-a187344
[3] https://www.raanesoliver.com/new-page-1
[4] https://www.dnb.com/contact-directory/contact-profile.kent_oliver.ce08434c54ca604e4ab0fc370c235430.html
[5] https://www.linkedin.com/company/oliverinvestmentgroup
[6] https://www.facebook.com/raanesoliver/?locale=mt_MT
[7] https://www.raanesoliver.com/contact-us
[8] https://adviserinfo.sec.gov/firm/summary/173769
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Brady: What is one piece of investment advice that you would offer to a recent retiree?
One crucial piece of investment advice for a recent retiree is to diversify their portfolio with a mix of income-generating and growth investments[1][4]. This approach helps manage the dual risks of portfolio value loss and running out of money in retirement[1]. A well-diversified portfolio should include a combination of low-risk options like bonds, treasury notes, and certificates of deposit (CDs), along with dividend-paying stocks[1][4].
Proper diversification across different asset classes and market sectors can help mitigate volatility and provide a steady income stream while allowing for potential growth[4][10]. This strategy not only helps protect against inflation but also ensures that your savings can last throughout your retirement years[1][10].
Remember to regularly review and adjust your portfolio based on changing market conditions and your evolving financial needs[4]. Consider consulting with a financial advisor to tailor your investment strategy to your specific situation and risk tolerance[1].
Citations:
[1] https://www.businessinsider.com/personal-finance/investing/investing-after-retirement
[2] https://blog.massmutual.com/retiring-investing/short-retirement-horizon-tactics
[3] https://legacy.trincoll.edu/retirement
[4] https://www.schwab.com/retirement-portfolio
[5] https://www.fidelity.com/learning-center/personal-finance/retirement/retirement-income-strategies
[6] https://www.schwab.com/learn/story/9-things-every-retired-person-should-do
[7] https://www.troweprice.com/personal-investing/resources/insights/retirement-savings-by-age-what-to-do-with-your-portfolio.html
[8] https://www.schwab.com/learn/story/structuring-your-retirement-portfolio
[9] https://www.investopedia.com/articles/personal-finance/111313/six-critical-rules-successful-retirement-investing.asp
[10] https://smartasset.com/retirement/common-investment-advice-to-consider-for-retirement
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Any opinions are those of Brady Raanes and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.
Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein.
This content was created with the assistance of artificial intelligence (AI). While efforts have been made to ensure the quality and reliability of the content, it is important to note that AI-generated content may not always reflect the most current developments or nuanced human perspectives.