The State of AI: Is China about to win the race? In this conversation, the FT's John Thornhill and MIT Technology Review's Caiwei Chen consider the battle between Silicon Valley and Beijing for technological supremacy. Viewed from abroad, it seems only a matter of time before China emerges as the AI superpower of the 21st century. Here in the West, our initial instinct is to focus on America's significant lead in semiconductor expertise, its cutting-edge AI research, and its vast investments in data centers. The legendary investor Warren Buffett once warned: "Never bet against America." He is right that for more than two centuries, no other "incubator for unleashing human potential" has matched the US.

Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers' privacy. Plus, the FT's innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence. Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers' privacy. Plus, the FT's innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence.

Earlier this month an article in the Financial Times by John Thornhill, the paper's innovation editor, caught my attention. Thornhill was relaying an intriguing set of ideas expressed by the authors of a new book, What To Do When Machines Do Everything? Before discussing the future impact of today's unfolding industrial innovations such as driverless cars, robotic surgery, precision agriculture, or automated beer service (as in the photo above), the three authors – Malcolm Frank, Paul Roehrig, and Ben Pring – make their first key point, citing the example of an early 19th century innovation that enabled an entire industry that generates $620bn. in annual revenues today. What could this invention have been – The steam engine? Theoretically, you might expect not be too far off with any one of these answers, but in fact the invention in question was … the lawnmower.

This post originally appeared on PhilipLay.com. To read the post from the original source click here. Earlier this month an article in the Financial Times by John Thornhill, the paper's innovation editor, caught my attention. Thornhill was relaying an intriguing set of ideas expressed by the authors of a new book, What To Do When Machines Do Everything? Before discussing the future impact of today's unfolding industrial innovations such as driverless cars, robotic surgery, precision agriculture, or automated beer service (as in the photo above), the three authors – Malcolm Frank, Paul Roehrig, and Ben Pring – make their first key point, citing the example of an early 19th century innovation that enabled an entire industry that generates $620bn. in annual revenues today.

Artificial intelligence is one of the most over-hyped technologies -- but we may also be underestimating it.