AI: No Longer a Thing of the Future

March 15th, 2023 by Legacy Wealth Planning

Let’s talk about one of the hottest topics presently dominating the news so far this year; Artificial Intelligence (AI).

Artificial Intelligence (AI) refers to the ability of machines or computer programs to perform tasks that typically require human intelligence, such as perception, reasoning, learning, problem-solving, and decision-making. AI algorithms are designed to analyze data, recognize patterns, and make predictions or decisions based on that data, without being explicitly programmed to do so. AI technology is rapidly evolving and has a wide range of applications in various industries, including healthcare, finance, transportation, and manufacturing, among others. Examples of AI applications include chatbots, image recognition, natural language processing, autonomous vehicles, and recommendation systems.

To be effective, AI systems must be able to process and extract insights from massive datasets, and they must also be able to adapt to new and evolving data sources over time. The amount of information available on the internet is growing exponentially, and it’s estimated that the amount of data generated every day will continue to increase in the coming years. This is due to a combination of factors, including the increasing number of internet users, the proliferation of connected devices and sensors, and the growth of social media and online content.

According to estimates, the amount of digital data in the world was around 33 zettabytes (33 trillion gigabytes) in 2018, and this is expected to grow to 175 zettabytes by 2025; a fivefold increase. The amount of information available online is indeed vast and expanding rapidly, and this presents both opportunities and challenges for AI algorithms that are designed to analyze and make sense of this data.

The focus for consideration here will be in;

  • How does AI analyze all this data
  • How has AI evolved since its first inception
  • What are the potential pitfalls of AI


AI algorithms analyze data by processing and learning from large datasets using mathematical and statistical methods. However, there are some common approaches that AI algorithms use to analyze data, including:

  1. Machine Learning
    1. The training of AI models on large datasets to learn patterns and make predictions or decisions.
  2. Natural Language Processing
    1. Is the interaction between computers and human language. It enables machines to understand, interpret, and generate natural language text or speech.
  3. Deep Learning
    1. A subfield of Machine Learning that involves the use of artificial neural networks (algorithms modeled after the structure and function of the human brain) to learn and make predictions or decisions based on data whereby its algorithms automatically learn features from the data itself.
  4. Computer Vision
    1. Involves developing algorithms and models that can extract meaningful information from visual data, such as identifying objects, recognizing faces, detecting changes in motion, and understanding scenes; digital images, and videos.


The first physical inception of AI was in 1950. The Turing Test was proposed by mathematician and computer scientist Alan Turing. The test involved a human evaluator who engaged in a Natural Language conversation with a machine and a human participant, without knowing which is which. If the machine could convincingly simulate human-like responses, it is said to have passed the Turing Test.

Some recent examples that many are familiar with are robotics, autonomous vehicles, intelligent personal assistants, Siri, and Alexa. These technologies are rapidly evolving and have the potential to transform many industries, from healthcare to finance to transportation.

Today AI has evolved in such a way that it has enabled breakthroughs in areas such as image recognition, speech recognition, and natural language processing.  All of this has led to the development of AI systems that can recognize and respond to human speech, generate natural language, and even create art.

However, nothing is perfect as it evolves. There are still many challenges that AI must overcome. Ensuring the ethical and responsible use of AI, improving its interpretability and transparency, and addressing concerns about potential job displacement and inequality of its actions.


AI has the potential to bring many benefits to society, but it also has some pitfalls that might be considered:

  • Bias: AI systems are only as good as the data they are trained on. If the data used to train an AI system is biased or incomplete, the system will produce biased or incomplete results. This can lead to discrimination against certain groups of people, perpetuating existing social inequalities.
  • Privacy concerns: AI systems often require access to large amounts of data, which can include personal information. If this data is not properly protected, it can be used for malicious purposes, such as identity theft or financial fraud.
  • Unemployment: As AI systems become more sophisticated, they are likely to replace many jobs that are currently done by humans. This can lead to widespread unemployment and economic dislocation.
  • Safety concerns: AI systems can pose a risk to human safety if they are not designed or implemented correctly. For example, self-driving cars could cause accidents if they malfunction, and AI-powered weapons could be used to harm innocent people.
  • Lack of transparency: Many AI systems are opaque, meaning it is difficult to understand how they arrive at their decisions. This can make it difficult to hold AI systems accountable for their actions.
  • Overreliance: People may become too reliant on AI systems and may begin to neglect important skills or decision-making abilities as a result. This can lead to a decrease in overall human intelligence and autonomy.
  • Ethical concerns: AI systems raise several ethical concerns, such as whether it is ethical to use AI to replace human workers, or whether it is ethical to use AI for military purposes.

Overall, it is important to address these and other pitfalls of AI to ensure that this powerful technology is used for the benefit of society. This requires ongoing research, a collaboration between different stakeholders, and a commitment to ethical principles.

Just as in the early 90s, the concept of the Internet was misunderstood, AI is presently at the same crossroads. To really understand it, one must use it, be involved with it, and experience its outcomes; just as society has done with the Internet over the past 30 years. It may take us 30 years to realize AI’s value but along the way, there will be those ever-present nefarious characters.  However, with the speed of information and the awareness and experience that technology plays in our everyday lives, we may be more aware, educated, and critical as to how we allow AI into our lives potentially leading to a more efficient and safe use thereof. 

Finally, AI was used to create 90% of this writing. The AI program that was used is ChatGPT.  An online Chatbot that is free to everyone ( and is based upon a type of Natural Language Processing AI that uses a Deep Learning model called Generative Pre-trained Transformer (GPT).  

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