Last week, the VettaFi AI Symposium was one of the more popular places to be in the days before Labor Day. We had more than 1,200 people registered with over 650 live attendees (many more of you will catch the replay). Those attending live stayed with us an average of 99 minutes for the just-over-two-hour event.
During the event, we asked attendees to help us put AI in perspective. “How big of an impact do you think AI will have on the economy?” we asked. The majority, 54% of the respondents, said “the biggest thing since the Internet”. This compared to 42% that believed AI was “one of many impactful themes”. Just under 5% thought AI was “overhyped.”
There’s some self-selecting in this poll question due to its occurrence during an AI educational event. Yet, with a sample size of 325, there’s clearly bullish sentiment toward AI from advisors not just asset managers.
“We believe that this is going to be one of the most transformational technologies really since the introduction of the internet,” explained Jay Jacobs, U.S. head of thematics and active equity ETFs at BlackRock. “If you look at AI as a whole, this is probably a $15 trillion economy within AI, with probably $25 trillion worth of economic impact.”
During the VettaFi AI Symposium, Jacobs talked about the iShares Robotics and Artificial Intel Multisector ETF (IRBO) as a long-term play on artificial intelligence that invests across the AI ecosystem. In addition, he noted the iShares Semiconductor ETF (SOXX) as a shorter-term play due to the AI-driven demand for semiconductors.