“I think artificial intelligence is going to change everything, everything, 180 degrees,” said Cuban, who added that changes seen by AI would “dwarf” the advances that have been seen in technology over the last 30 years or more, even the internet.
The owner of the NBA’s Dallas Mavericks and a regular on the TV show “Shark Tank,” said AI is going to displace a lot of jobs, something that will play out fast, over the next 20 to 30 years. He said real estate is one industry that’s likely to get hit hard.
As for companies standing to benefit from AI, Cuban said he “thinks the FANG stocks are going to crush them,” noting that his biggest public holding is Amazon.com Inc. AMZN, +1.59%
“They’re the world’s greatest startups with liquidity. If you look at them as just a public company where you want to see what the P/E ratio is and what the discounted cash value-- you’re never going to get it, right? You’re never going to see it. And if you say Jeff Bezos (chief executive officer of Amazon), Reed Hastings (chief executive officer of Netflix Inc. NFLX, +0.35% ) — those are my 2 biggest holdings,” he said.
Cuban said he’s less sold on Apple Inc. AAPL, +2.61% though he said it’s trying to make progress on AI, along with Alphabet Inc. GOOGL, +0.67% and Facebook Inc. FB, +0.00% . “They’re just nonstop startups. They’re in a war. And you can see the market value accumulating to them because of that,” he said.
But still, they aren’t all owning AI yet, and there’s lots of opportunities for smaller companies, he added…