China tops the US in AI race

By TechnologyFOXBusiness

How the oil industry could benefit from artificial intelligence

SparkCognition CEO Amir Husain on the potential benefits of the use of artificial intelligence in the energy sector.

As more industries are becoming robotized, China is dominating the United States when it comes to the development of artificial intelligence (AI).

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“The Chinese over the next 5 years are spending $150 billion of government [funds] on AI development. In 2015 [the U.S.] did $1.1 [billion] and in 2016 we accelerated that to this massive $1.2 [billion],” SparkCognition CEO Amir Husain told FOX Business’ Maria Bartiromo on “Mornings with Maria.”

While efforts to robotize impact mostly blue-collar jobs and some white-collar jobs, “the reality is not every job that goes away will immediately get replaced with something else,” Husain said, adding that the jobs landscape may shift as a result.

“I think the trend for many industries will be that we won’t require the same number of human beings to produce the kind of output that we are producing today,” he said.

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SparkCognition is currently working with BP (NYSE:BP) and several other “super major companies,” and technology providers, including Flowserve, the largest manufacturer of pumps, and Dover (NYSE:DOV) to incorporate AI into the energy industry.

Despite concerns over robots replacing humans, Husain is optimistic on the ability to adapt.

“AI in military is going to change the world,” he said. “I think there is tremendous opportunities there. Vladimir Putin recently said that he who controls AI controls the world—I agree with him.”

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