Investor Matt Shumer says viral essay wasn't meant to scare people

Investor Matt Shumer has found himself at the center of a social media uproar following the release of his essay discussing the potentially transformative impact of artificial intelligence. With over 80 million views, Shumer expressed that the piece was not intended to incite fear. "I want to clarify, the article wasn't meant to scare people in that way," he stated during an appearance on CNBC's "Power Lunch". He mentioned that had he anticipated the essay's viral success, he would have reconsidered certain aspects and possibly rewritten portions of it. In his essay, titled "Something Big Is Happening," Shumer reflects on his recent encounters with AI technology, emphasizing that the capabilities of AI are often underestimated by the general public. He drew parallels between the current state of AI and the early warnings about the Covid-19 pandemic in early 2020, just before the crisis escalated in the U.S. The launch of OpenAI's ChatGPT in 2022 marked a pivotal moment in the AI landscape, triggering an intense competition among major players like Google and Anthropic. Significant investments are pouring into AI, with tech giants such as Alphabet, Microsoft, Meta, and Amazon expected to allocate nearly $700 billion on capital expenditures this year alone. Shumer shared that he was "shocked" to learn that AI could handle much of the technical work required in his profession. He believes that professionals in various fields—including law, finance, medicine, and accounting—are likely to experience similar revelations. Since its release on Tuesday, the essay has garnered over 100,000 likes and nearly 6,000 comments on social media platform X, sparking a mix of responses ranging from support to criticism. Looking back, Shumer acknowledged he would have preferred to frame some sections differently. Nevertheless, he remains steadfast in his view that AI poses a significant disruption to many knowledge-based jobs. He emphasized that while AI has the potential to execute any task that can be performed on a computer, its widespread adoption may not occur immediately. Shumer's primary message encourages workers to engage with AI tools proactively to prepare for the future. "Everyone tends to think their role is unique," he remarked. "I held that belief for some time as well."