Global FII Priority summit puts 'the New Miami' in the spotlight, and AI tech is all the talk

By Nancy Dahlberg

When global leaders from the worlds of technology, finance and entertainment converged this week in Miami Beach for a future-focused Davos-style dssummit to explore the profound technological transformation the world is experiencing, it shouldn’t be a surprise that artificial intelligence was top of mind, as everyone from Michael Dell to Rob Lowe shared their hot takes.

On opening day Thursday, Dell called AI “the defining technology of this decade.” The chairman and CEO reminded the audience of about 1,000 attending the second FII Priority Miami at Faena Forum that all successive waves of technology are built on top of previous ones. With computing power advancing rapidly now, we are moving toward using information to go beyond computing into cognition that is faster than the human brain, said Dell [pictured below]. The productivity benefit alone is too big for companies to ignore. Think about the impact of workers having this superpower next to them, Dell added.

AI is going to play an extraordinary role in terms of healthcare and research, with the potential to triple drug production,” said Stephen Schwarzman, co-Founder, chairman & CEO of The Blackstone Group, predicting that AI could have an IQ of 12,000.

“We need welcoming places for capital that demonstrate that they can foster the next generation of AI developments. This will be the building block of geopolitical security,” said former US Secretary of State and CIA Director Mike Pompeo.

Speaker after speaker said there are still so many questions to answer, even as Nvidia stock shot up to record highs on Thursday and Friday.

“I’m interested in the ethics of AI as an astonishing power to be tamed so it can be utilized. The question is, what are its effects on the human condition and what is humanity’s role in an AI-integrated world?” said Schwarzman. Still, he’s worried about tech falling into the wrong hands, threatening national security with a “sci-fi war of machines.”

In a discussion with former Treasury Secretary and Open AI board member Lawrence Summers, Eric Schmidt, former Google CEO and co-founder of Schmidt Futures, noted that AI is likely to double everyone’s productivity, but “there are questions about what happens when computers start to make decisions.”

As part of an AI Town Hall, Miami’s own Manny Medina, Shervin Pishevar and Lab22c’s Saif Ishoof [pictured below] expressed excitement over the transformational power of quantum computing combined with AI. “A civilization change awaits us, and this is why we must invest in quantum,” said Medina, serial entrepreneur and co-founder of Medina Ventures. That change could include “allowing us to cure every disease known to mankind, impacting healthcare systems and lifespans.” Added Pishevar, Edison Fund chairman and CEO: “Imagine quantum and AI combined in one platform and then putting it on a cloud service. That’s what we are searching for.”

Saudi Arabia is ready for this future, remarked Yasir O. Al-Rumayyan, governor of the massive sovereign wealth fund PIF (Public Investment Fund) and chairman of Saudi oil giant Aramco. “We are very well positioned to be an AI hub outside the US,” he said, because AI consumes a lot of energy and Saudi Arabia is the global leader when it comes to fossil fuel and renewable energy. “We also have the political wealth, the funds, and most importantly the people,” he added, noting the nation’s young, ambitious population. He predicted AI could increase global GDP by 14%.

While Thursday the programing was heavily focused on investment outlooks, the gobal economy and of course technology, on Friday FII served up leaders and celebrities in entertainment, culture and sports with speakers including Gwyneth Paltrow who is now a venture capitalist, Stephen Ross of Related Cos. and the Miami Dolphins, and Miami Mayor Francis Suarez. In one fireside chat, Rob Lowe expressed frustration with his industry and the recent strikes. The celebrity actor and filmmaker noted that most of Hollywood is tremendously fearful of AI – but he’s not.

“I don’t think the right people are articulating what AI is and what it can be … I feel like we need the real leaders to come together… [AI] is not going anywhere. We better figure out how to harness it, build for it, train for it, accept it, and, when needed, set rules for it – deep fakes come to mind.” Lowe [pictured below] said there will always be human creatives – those jobs aren’t going away. “We’ve been telling stories since we sat by the campfire.”

On the regulation of AI, the opinions throughout the 2-day summit were quite mixed but on this they could all agree: Regulations will struggle to match the rapid pace of technological change.

Pompeo’s stance: “We should not be regulating emerging technologies much since this may limit their ability to create enormous productivity. Investors need to look for the highest politically adjusted internal rates of return when deciding upon capital allocation.”

But listen to Jenny Johnson, President & CEO, of Franklin Templeton, “Digitalization, with blockchain and AI at the forefront, represents a megatrend set to shape the next investment decade. Regulating AI is crucial; yet we must foster spaces where ethical actors are the ones harnessing AI.”

Other emerging technologies were also discussed and debated on stage, including space innovation and green energy. In addition to cleaner fuels and alternative energy innovation, the retirement of older aircraft is part of the solution for a greener world, says Bombardier Chairman Pierre Beaudoin. Bombardier is developing a blended-wing airplane with innovations in aerodynamics that are estimated to increase fuel efficiency by 30-40%.

Biotechnology advances are also exciting, said Miami-based investor and entrepreneur Marcelo Claure. “Longevity is a megatrend. Biotechnology will allow human beings to live beyond 100 years by enabling us to recreate our body, molecule by molecule.” Claure, the Miami-based founder and CEO of Claure Group and co-founder of Bicycle Capital, likened our bodies to maintaining a used car: In the future, with biotech advances, we’ll be able to replace many parts, except for the brain.

For founders innovating in these transformative technologies, Emil Michael of Miami, Chairman & CEO of DPCM Capital and former chief business officer of Uber during period of exponential growth, had some advice for founders fund-raising in these current times: Money is not going away, it’s just harder to get, so you have to be farther along and have product market fit, but “startups can achieve speed today through capital and culture — having a growth mindset and attitude.”

The second year of FII PRIORITY Miami is part of an ongoing global program of Future Investment Initiative summits held throughout the year, with upcoming gatherings planned for Rio de Janeiro in June and Asia later in the year. As might be expected, “the New Miami” and its progress and potential in finance and tech, as well as the vibrancy of its quality of life, sports and cultural offerings, was a big part of the conversations on stages and networking throughout the conference.

Nicole Vazquez and Maria Derchi contributed to this report.

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Nancy Dahlberg

I am a writer and editor with extensive media experience and a passion for journalism and serving the community. Most of my career has been spent with the Miami Herald in business news, and my expertise is writing about tech and entrepreneurs. I love hosting this blog for Refresh Miami and we aim to be the go-to site for South Florida startup and tech news, features and views. Have news? Contact me at [email protected]. Thanks for reading!

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