Use AI or risk closure – Michael Jordaan

Bank Zero chairman Michael Jordaan said artificial intelligence (AI) would fundamentally change the world and businesses must adapt to this reality.

“I think businesses that don’t lean into AI, those that don’t start using it for decision making, may not be around in 5 to 10 years,” Jordaan told The Money Show with Bruce Whitfield.

He said the introduction and adoption of ChatGPT signal that the “age of machine learning has arrived”.

ChatGPT is an AI chatbot launched by OpenAI that over 100 million people used in the first two months of being launched.

Companies that use AI technology, such as ChatGPT, will be able to make better decisions than those that do not.

Jordaan put his money where his mouth is. He launched two investment funds that will invest in companies using AI technology to run the company.

He has partnered with Nic Kohler, Willem Roos, and Roger Grobler in the venture – a team that has been investing together for eight years. 

Their latest fund is AI Capital. It is domiciled in Singapore and will look to invest in Africa and South and South-East Asia.

Jordaan is also backing a venture called AI Asset Management that uses mathematical and statistical methods to guide and automate investment decisions.

The company is already investing in the NASDAQ stock exchange to build a performance track record.

He said investors must use the latest technology trends as old investments might not be as safe as they used to be. Traditional bonds and banks are good examples.

Jordaan said AI would become ubiquitous, indispensable, and powerful across our modern world. “No use fighting this macro trend. Rather lean in,” he said.