According to Kai-Fu Lee the founder of Sinovation Ventures, Robots within the next 10 years are likely to replace 50 per cent of all jobs.
Lee who is the top voice on tech in China said to CNBC that Artificial Intelligence is the wave of the future calling it the “singular thing that will be larger than all of human tech revolutions added together, including electricity, [the] industrial revolution, internet, mobile internet because AI is pervasive.”
Lee added that AI will far exceed those of humanity as “it is the decision engine that will replace people” through its capabilities.
Lee described how this is possible with companies that his company has invested in and gave an example that AI can disperse loans within just eight seconds.
“These are things that are superhuman, and we think this will be in every industry, will probably replace 50 per cent of human jobs, create a huge amount of wealth for mankind and wipe out poverty.”
Lee was speaking at the Global Mobile Internet Conference in Beijing to CNBC and was asked: Will human still have a place in the world as machines grow more intelligent?
Lee replied saying, “Touching one’s heart with your heart is something that machines, I believe, will never be good at.”
He said that banks, hospitals and insurance firms are moving too slowly which is bad because they ““possess the biggest treasure” as they have lots of data.
“Because AI is about taking data into insight and decision, so I anticipate [the] internet sector, entrepreneurial sector, to continue to grow and in many cases, displace and even wipe out traditional companies in China.”
Prior to Lee setting up his venture capital he was the head for Google in China also he was with Microsoft and Apple.