black bolt
“There will be a lot of unemployed people. Probably the most in this field. Half of the people who are studying hard in the Ivy League will never find the job they want.”
Joanna foresaw the grim future of artificial intelligence.
The field where you can directly feel that is the financial industry, and here on Wall Street, there is already a significant reduction in the number of people.
For several years already, Goldman Sachs CEO Lloyd Blankfein has repeatedly said that Goldman Sachs is an information technology (IT) company.
In fact, Goldman Sachs employs more IT-related employees than Facebook’s IT-related employees.
However, the number of jobs has dwindled significantly beyond hiring such a huge amount of IT staff.
Artificial intelligence Canshow, introduced by Goldman Sachs, allows only two people to perform tasks that previously would have been handled by 600 people, and can complete analysis tasks that would have been required for a week by experienced analysts in just 5 minutes.
The problem is that the adoption of such artificial intelligence is only at the beginning.
The pace of development of artificial intelligence has surpassed the remarkable progress of computer hardware from the 80s to the 2000s.
Similarly, an artificial intelligence analysis showed that more than two-thirds of jobs would be lost on Wall Street alone in the next decade.
“In the next decade or so, about half of Americans will lose their jobs.”
Joanna continued to speak of the gloomy predictions, sipping a strong roasted coffee.
“Perhaps it will be. Simple labor will be replaced by robots, and brains cannot beat AI.”
“Decreasing jobs and decreasing incomes of the common people mean that consumption will eventually decrease. Ultimately, it will be detrimental to the business.”
Joanna’s fear was here. A decrease in consumption means a contraction in the size of the global economy, which will soon return to losses in the financial investment industry.
As a result, the big Wall Street financiers are investing huge sums in strangling themselves with their own hands.
“Nevertheless, no company can put the brakes on these developments or go the opposite way.”
JP Morgan, which is said to be the two mountain ranges in the investment banking industry along with Goldman Sachs, also declared itself a financial company and an IT technology company.
If Goldman Sachs reduces its workforce by 10,000, it increases profits and improves competitiveness.
Other competitors have no choice but to use the same method as Goldman Sachs unless they have a very special way to hire more employees and make a bigger profit.
It means that investment in IT technology is not an option in the financial industry but a necessity for survival.
“In the end, we may be the only ones who can survive.”
Joanna, who had a serious expression on her face, said with her face wide open.
“The boss’s vision is always wrong. Blackbolt’s AI has proven to be superior to any AI investment that has come out to date. Banks that employ other AI will never be able to keep up with our profits. Besides, we have a boss, right?”
The biggest problem with artificial intelligence investment is the fact that it is difficult to properly respond when an event that deviates from the algorithm occurs.
When an event that has a huge impact on the real world, such as a subprime mortgage crisis, a moratorium in Russia, or the terrorist attacks of 9/11 occurs, the price of stocks or other financial instruments moves in an unpredictable direction in a short period of time.
Artificial intelligence basically learns a lot of data and makes investments to predict the future.
However, there is too little data for learning in such a big situation.
Moreover, resolving such a situation is not achieved simply by counting numbers. Negotiations with various economic actors, from policy makers to central banks such as the Federal Reserve, or foreign government agencies and banks are sometimes necessary.
Artificial intelligence cannot come up with an appropriate response to such a situation, and in some cases, the size of the loss is likely to far exceed the amount it has earned so far.
It is for this reason that financial investment through artificial intelligence does not yet occupy a large proportion compared to traditional investment.
But Joanna’s case is different. She has a boss she can trust more than anyone.
Eugene, who foresaw all events such as Britain’s Brexit, the Chinese stock market crash, and Trump’s election as president, can achieve far higher returns than any other financial institution when combined with his insight and Black Bolt’s investment management skills.
“It’s still making far more money than any other company on Wall Street, and now that Blackbolt has joined, it’s only a matter of time before we can get our hands on Wall Street completely.”
“right. I never thought that the artificial intelligence created by Black Bolt could do this far.”
“Do not lie. Did you know from the beginning? Boss.”
Even if it wasn’t for Joanna, there wouldn’t be a single person in this office who would believe in Eugene’s modesty.
Eugene’s choice was always right, and his aides who had seen it right next to him now had absolute faith in their boss.
“Don’t trust yourself so completely. Because I don’t always know the answer.”
Rather, it can be said that Eugene is the most skeptical of his own choices here.
The future that Eugene knows is changing more and more because of his own choices.
And he knows well that there will come a moment, no doubt, when he will no longer resemble the future as he knows it.
Even Eugene himself does not know whether that will be a few years from now or a few decades from now.
Even more so, Eugene thought that there would be a moment when his choice was wrong.
Maybe that’s why he got Black Bolt.
Artificial intelligence cannot yet surpass human insight, but Eugene knows that exponentially advancing technology will allow it to detect crises that humans cannot foresee at some point much faster.
The first to notice the unprecedented global financial crisis that will occur 10 years from now is the future Black Bolt, that is, version 3 or so.
And some investment institutions that were hiring Black Bolt were able to make huge profits through the financial crisis.
And that would have been the turning point. After Blackbolt’s unprecedented success, people have had to admit that it can no longer be compared to artificial intelligence, at least when it comes to investing.
Just as the human knights gave up competition with artificial intelligence after AlphaGo defeated Lee Sedol and Kejee in Go, investment has become an entirely specialized field of artificial intelligence.
Not only institutional investors but also individual investors find that it is much more advantageous to invest in stocks selected and recommended by AI, and then leave money in an AI fund.
By that time, human investment will be a game similar to an unlikely gamble, like buying a lottery ticket.
“Peter Hayworks is here.”
“That friend is not a yangban either.”
I was talking with Joanna, and Eugene laughed and spoke in Korean when I heard that the owner of Black Bolt was visiting.
“What does that mean?”
Joanna is now quite fluent in Korean, but she didn’t even understand that kind of idiom.
“Well… … Would you say that you can’t become a noble?”
“yes?”
“The servants run right away when you call them, don’t they? But nobles don’t always show up right away when they’re called. So it means that Peter’s presence at the moment we’re talking about Black Bolt doesn’t suit aristocrats.”
Eugene tries hard to explain the meaning of what he said.
“Hmm… … It is also very difficult.”
No matter how brilliant a person was, it was never easy to understand a culture to which he did not belong.
While Joanna was pondering Eugene’s words, a young man in his mid-twenties just groaned into the room.
This is Peter Hayworks, the CEO of Black Bolt, whom Eugene loves.
Black Bolt is an AI-specialized startup founded a few years ago. The company was founded by a man named Peter Hayworks, who dropped out of Stanford, and until Eugene decided to invest, he had been struggling to maintain the company for several years by attracting $1.8 million in investment through acquaintances and seniors.
Eugene was able to acquire a 49% stake in Black Bolt by taking over all of the shares of those who had already invested through a VC in California at 10 times and putting an additional $50 million.
And the agreement also made it clear that additional investments would have priority in VCs in California.
This means that Eugene will bear all the necessary funds for Black Vault in the future.
Of course, in the process, founder Peter Hayworks’ stake will gradually be diluted, but he promised to guarantee his voting rights.
As a result, Peter Hayworks will be able to keep Black Bolt’s management control stable forever, and Eugene will be able to increase Black Bolt’s stake as much as he wants through a VC in California.
Considering the influence and value that Black Bolt will occupy in the future, it is a good investment at a really cheap price.
“How is life in New York? Peter.”
Hayworks, the founder of Black Bolt, which will be side by side with Google and Amazon within the next 10 years, is currently living in New York.
It wasn’t just that one person, Blackbolt itself moved its base from Palo Alto to New York.
In fact, it is Black Bolt, which is highly dependent on the founder, Hayworks, enough to be called a Hayworks one-man company, but there are also many talented developers from Stanford.
It took a lot of pain before the California-based people decided to move to New York.
Unlike Korea, the United States is a huge country, and when it comes to relocating across the continent between New York and California, it is said that about 30% of the developers have given up stock options and huge salaries.
“Every time I wake up in the morning and look out the window, it takes my breath away. It’s not bad for a trip, but it’s a very cramped city to live in.”
Peter Hayworks immediately complained.
“Isn’t your house overlooking Central Park right away? There must be no reason to feel cramped, right?”
“Right. But from the moment you step out of the building, it is a forest of buildings. It’s hard to see the sky when you leave the surroundings of Central Park.”
Eugene offered Peter and all of his team an expensive mansion near Central Park.
It’s too much to offer to developers of startups that have only been in business for only three years, but it’s not a waste of money considering the work they’ll do in the future.
“Can’t you see Central Park from the office?”
“Because you can’t just move between home and office.”
“You must be missing California.”
Eugene noticed that there was something wrong with Peter, who was spewing out his voice.
