Milan is asserting a company that develops advanced AI capabilities in the future will likely generate higher returns than the stock market after it has developed these capabilities.
Perhaps that, but even if they don’t, the returns from a market-tracking index fund could be very high in the case of transformative AI.
I’m imagining two scenarios:
1. AI research progresses & AI companies start to have higher-than-average returns
2. AI research progresses & the returns from this trickle through the whole market (but AI companies don’t have higher-than-average returns)
A version of the argument applies to either scenario.
Perhaps that, but even if they don’t, the returns from a market-tracking index fund could be very high in the case of transformative AI.
I’m imagining two scenarios:
1. AI research progresses & AI companies start to have higher-than-average returns
2. AI research progresses & the returns from this trickle through the whole market (but AI companies don’t have higher-than-average returns)
A version of the argument applies to either scenario.