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Business executives converse about the obstacles and advantages brought about by the widespread embrace of AI
            CNBC engaged in discussions with various leaders from the business and technology sectors at the CONVERGE LIVE event held in Singapore concerning the hurdles and prospects associated with AI adoption.
            The role of artificial intelligence in our society is expanding swiftly, transforming entire sectors and altering how individuals live and work.
CNBC engaged in discussions with various leaders from the business and technology sectors at the CONVERGE LIVE event held in Singapore concerning the hurdles and prospects associated with AI adoption.
“If you consider AI, what is its function? It genuinely enhances human efficiency,” remarked Joe Tsai, chairman of Alibaba, to CNBC’s David Faber.
“Examine the global GDP. Approximately $100 trillion of global GDP; 60% of that represents labor earnings. If we assume that 20% of that $60 trillion can be augmented by AI, and AI is able to handle the task at a 20% cost reduction, that indicates a total market potential of $10 trillion,” Tsai expressed.
“Identify another industry with a ten trillion total addressable market. This is why there is so much enthusiasm surrounding AI,” he further stated.
            Other prominent figures in the industry shared their insights on the primary growth prospects of AI.
“The key area to focus on is the infrastructure of AI, as that’s where significant growth will happen in the next two, three, or five years, and rather than revenues, you’ll want to derive profits from it,” mentioned Kamal Bhatia, the president and CEO of Principal Asset Management.
            Conversations about the future of employment were also prominently featured.
“We are transitioning from a ‘doing revolution’ to a ‘thinking revolution. ’ We are, in fact, moving away from effects primarily felt by blue-collar and lower-wage workers toward influences that are impacting professional services and white-collar roles, as well as leadership, at a significantly quicker pace,” Peta Latimer, president of Mercer Asia, shared with CNBC’s Julia Boorstin.
“In discussions about the workforce, we can no longer rely on traditional job descriptions. It’s essential to begin discussing workflows because when workflows are considered, it allows workers to engage with whatever future jobs may arise,” added Guy Diedrich, SVP and Global Innovation Officer at Cisco.
            Per a 2025 McKinsey report, over 70% of employees surveyed believe that generative AI will revolutionize 30% or more of their work within the next two years. Additionally, this report indicates that 92% of organizations intend to boost their AI funding by 2028.