Electricity is like oxygen: You only think about it when you don’t have it.
It’s part of our everyday lives, yet it’s likely the blessing we take most for granted.
As a young man, I didn’t think much about electricity. But I remember how my grandparents felt about this modern commodity.
Both of my grandparents were born in Russia. As teenagers, they were active in the Russian revolution of 1917.
And in the early 1920s, they left Russia and came to New York to build their lives.
I was close to them. My grandfather was the most honest man I’d ever known. And my grandmother helped me start my career. She lent me the money I needed to rent a seat on the trading floor.
Their 50th wedding anniversary was on a warm spring day in 1977. We had all gathered to surprise them with a party. That same year I had gotten my driver’s license. Driving them home was the perfect excuse to get behind the wheel.
I don’t remember how the conversation started, but I remember asking them: “What’s the greatest invention you’ve seen in your lifetime?”
“Electricity,” my grandfather answered, with my grandmother nodding her head in agreement.
“You have no idea what it means to have light in the nighttime,” he said.
“Or be able to keep food cold in a refrigerator or wash clothes without it taking hours,” my grandmother added.
That evening I realized that I was used to a life structured around electricity, and I didn’t fully relate to their point of view.
A few months later, the importance of electricity was front and center.
On the night of July 13, 1977, a lighting strike tripped circuit breakers at an electrical substation. New York City suffered a blackout.
There was no electricity for the next 24 hours.
Since store alarms didn’t work, there was citywide looting. Many sections of Brooklyn were burned down by arsonists. It took the city more than a decade to recover.
Electricity changed the world forever. Without it, it would be very difficult for our modern society to exist.
And there’s another huge trend like that taking place right now…
Artificial Intelligence Is the Next Tech Revolution
Andrew Ng, a former chief scientist at tech giant Baidu, said: “Just as 100 years ago electricity transformed industry after industry,” this new trend will do the same.
He was referring to artificial intelligence (AI).
The impact of AI on labor and productivity is projected to be close to $7 trillion and almost $9 trillion on consumers.
AI’s total impact should be close to $15.6 trillion over the next decade or so.
That’s greater than the gross domestic product of China!
AI is already changing the ways we live and work.
- Manufacturers are using AI to create more efficient supply chains. Instead of unexpectedly running out of an item, AI will tell the company what to stock up on beforehand.
- Customers will no longer have to go to competitors because an item is sold out. Instead, AI will make companies more responsive to consumer demands, resulting in higher sales.
- The transportation of goods will become faster and more efficient. AI will also make driverless trucks a reality within the next few years. Deliveries will get to their destinations faster, there will be fewer accidents on the road and fuel efficiency will be higher.
Labor and productivity improvements alone are projected to be close to $7 trillion!
AI Will Revolutionize Your Life and Your Wallet
Artificial intelligence will have a huge impact on your life and health.
With this new technology, health care will be more accurate and faster with diagnoses. In addition to catering to a person’s specific needs and treatments, your doctor visits will be more personalized.
AI technology can help you save money in your home. Smart metering gives energy companies real-time information on energy usage. This way you only pay for what you’re using.
Bringing it full circle, AI will make sure that you’re never left in the dark. The technology will create better and more cohesive grid operation, storage and routine maintenance.
AI won’t be some technology craze — it’ll be around for the long haul. And it will make life easier and more efficient.
It’s hard to imagine a life without electricity. Heck, it’s hard to imagine life without a Wi-Fi connection.
And in a few years, you’ll be wondering how you managed to do anything without AI. This emerging technology will have a lasting effect on your life and your wallet.
This is why I’ve been focusing on finding AI-related stocks that are going to soar in the next several years.
Each company I pick will be the next leader within its sector so we can rack up some stellar triple-digit gains.
The time for you to be part of this life-changing opportunity is here! As I mentioned on January 24, Robo Global Robotics & Automation Index ETF (NYSE: ROBO) is a great starting point — and it’s up 9.5%.
I’ll be revealing the industry leaders in my upcoming newsletter. Stay tuned.
All my best,
Senior Analyst, Banyan Hill Publishing