Reddit co-founder Alexis Ohanian says AI is ‘here to stay’

Reddit (RDDT) co-founder Alexis Ohanian remains optimistic about the long-term potential of artificial intelligence (AI), despite concerns from investors about a possible stock market bubble. In an interview at Yahoo Finance’s Invest event, Ohanian, who is also the founder and general partner at the venture firm Seven Seven Six, emphasized the staying power of AI technology.

“I think everyone is realizing this technology is here to stay,” Ohanian stated. “It is real.” He highlighted the significant advancements in coding that have revolutionized app development as a clear example of AI’s impact on innovation and efficiency.

However, recent market fluctuations have caused tech stocks to plummet, with the tech-heavy Nasdaq Composite experiencing a 2.3% decline during the trading session. The AI-driven “Magnificent Seven” stocks also saw a cumulative 2.7% drop, with industry giant Nvidia shedding 3.6% of its value. Some investors are concerned that the vast investments made by Big Tech companies in AI may not yield sufficient returns.

Despite the market volatility, Ohanian remains bullish on the overall trajectory of technology trends. As a self-described “tech optimist,” he believes that AI will create more job opportunities than it eliminates. Goldman Sachs estimates that AI could potentially displace 6% to 7% of the US workforce if widely adopted.

“With every technological revolution, there’s always new careers, new things that come up that you or I can’t necessarily think of,” Ohanian explained. He pointed to the rise of content creators like MrBeast as an example of how new professions emerge in response to technological advancements.

While Ohanian acknowledges that the transition may be challenging, he believes that the overall impact of AI will be positive. He emphasized the importance of navigating the inevitable changes and adapting to the evolving landscape of technology.

In conclusion, Ohanian’s optimistic outlook on AI underscores the transformative potential of the technology despite short-term market fluctuations. As the tech industry continues to evolve, embracing innovation and adaptation will be key to seizing the opportunities presented by AI.

Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.

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