[Wall Street Talk] Musk Says 'Money Will Become Irrelevant in the Future Thanks to AI and Robotics'

(Seoul=Yonhap Infomax) International Economics Department = Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA), predicted that advances in artificial intelligence (AI) and robotics will usher in a future where money is no longer important.

According to Business Insider on the 19th (local time), Musk attended the US-Saudi Investment Forum and stated, "Thanks to AI, money will eventually cease to matter."

He explained, "There will still be some minor constraints, but at some point, currency will become meaningless."

Musk referenced the 'Culture' series by science fiction author Iain Banks, published between 1987 and 2012, noting that the books provide "a sense of what positive AI could look like."

Musk also predicted the end of labor.

He said, "Work will become optional," likening future work to gardening.

"Growing vegetables in your backyard is difficult, but some people do it because they enjoy it," he said. "Work will become something people choose to do, much like that."

Musk has recently shared his vision for an AI-driven future on several occasions, which includes not only the end of labor but also the eradication of poverty.

At a recent shareholders' meeting, he said, "People often talk about eliminating poverty and providing quality healthcare for everyone," adding, "The only way to achieve this is through Tesla's Optimus robot."

Musk also argued that if an era arrives where AI and robotics eliminate all work and money, governments should provide universal basic income to everyone. (Ji Yeon Kim)

◇ Nvidia Drives 'Hospital' Innovation—AI Robots and Voice Assistants Address Staffing Shortages

US semiconductor giant Nvidia Corp. is driving innovation across the healthcare sector by integrating artificial intelligence (AI) throughout medical services.

According to Fox Business on the 19th (local time), Kimberly Powell, Vice President of Nvidia Healthcare, emphasized, "We are currently collaborating with multiple companies to develop technologies that assist surgeons, analyze medical images, and reduce physicians' paperwork time."

With the World Health Organization (WHO) projecting a shortage of approximately 11 million healthcare workers by 2030, Powell explained that AI will play a critical role in meeting rising healthcare demand.

She said, "It is very clear that demand for healthcare services far exceeds the supply of medical professionals."

Nvidia is making deeper inroads into the field of 'physical AI,' exemplified by robots capable of performing real-world tasks.

According to Powell, Nvidia is partnering with GE Healthcare to develop autonomous X-ray and ultrasound capabilities, expanding imaging services to underserved regions. The company is also working with Moon Surgical to develop robotic assistance devices that can adjust surgical cameras in real time.

Additionally, Nvidia is collaborating with Johnson & Johnson to create virtual operating room environments where robots can be simulated before actual deployment.

In hospital wards, delivery robots are being used to transport supplies, helping to reduce nurses' workloads.

Beyond robotics, Nvidia's technology is also being applied to software that helps doctors avoid burnout.

For example, Abridge has developed a voice app that records conversations between doctors and patients and automatically converts them into medical records.

Powell explained, "Instead of doctors typing and making eye contact, the entire process can be recorded automatically," adding, "This can save about 30% of a doctor's daily working hours." (Si Yoon Yoon)

◇ Chinese EV Makers Accelerate Humanoid Robot Development

Chinese electric vehicle (EV) manufacturers such as XPeng and Chery Automobile are ramping up efforts to leverage their technological and manufacturing capabilities to develop humanoid robots.

According to the South China Morning Post (SCMP) on the 19th (local time), XPeng announced plans to increase robot sales to 1 million units by 2030.

He Xiaopeng, co-founder and CEO of XPeng, said that the production cost of humanoid robots will eventually fall to the level of car manufacturing, paving the way for household adoption in the near future.

He Xiaopeng stated, "The market potential for robots is greater than that for automobiles."

Mass production of XPeng's humanoid robot 'Iron' is expected to begin by the end of next year.

Chery Automobile has been developing the humanoid robot 'Morning' since last year in collaboration with AI company iMoga, designed to understand human language and interpret interaction intent.

Shanghai-based smart EV company NIO is also researching robotics, and BYD has entered the robotics sector as well.

Chinese EV companies believe that AI technology used in autonomous vehicles can help bridge the gap between humans and machines. (Kyung Pyo Hong)

◇ 85% of Americans Say Homeownership Remains Part of the 'American Dream'

Some 85% of Americans still consider homeownership a part of the 'American Dream,' according to a recent survey.

According to CNBC on the 19th (local time), a survey by real estate brokerage Coldwell Banker of 3,068 US adults found that 56% identified homeownership as the core of the 'American Dream,' ahead of marriage or having children (42%), retiring by age 67 (39%), and obtaining a college degree (23%).

Among 885 prospective first-time homebuyers, 18% said they are delaying marriage or having children to buy a home, while 17% are postponing job or career changes for the same reason.

Despite these delays in major life milestones, just over half of prospective first-time buyers expect they will not be able to own a home until age 40 or later. (Yong Wook Kwon)

◇ China Orders State-Owned Enterprises to Cancel Japan Travel Plans

Amid ongoing diplomatic tensions between China and Japan, the Chinese government has reportedly instructed state-owned enterprises to cancel planned trips to Japan.

According to the South China Morning Post (SCMP) on the 19th (local time), multiple anonymous sources said that many employees at Chinese state-owned enterprises have been advised to cancel upcoming trips to Japan.

One source said, "I received an unexpected call from the company's administrative department urging me to cancel my upcoming vacation."

Tensions between China and Japan escalated earlier this month after Japanese Prime Minister Sanae Takaichi suggested that Japan could intervene militarily in the event of a conflict in the Taiwan Strait.

Despite subsequent talks, the two sides failed to narrow their differences, and the Chinese government has repeatedly warned its citizens to refrain from traveling to Japan.

According to Kyodo News, several major Chinese travel agencies have suspended sales of Japan travel packages, and at least seven Chinese airlines have announced full refunds for tickets on Japan routes through the end of the year.

These travel restrictions now appear to be spreading to the public sector.

On Chinese social media platform 'Red Note,' posts have recently surfaced over the past two days reporting that public sector supervisors are demanding employees cancel vacations to Japan.

Some state-owned enterprise employers are said to be informally banning employees from traveling to Japan.

An employee at a national research institute in Beijing said, "The company hasn't explicitly said not to go, but they won't approve the trip and have left it 'pending,' which effectively means not to go."

Until this latest diplomatic row, Japan had been a popular and cost-effective travel destination for Chinese tourists, buoyed by the weak yen.

According to the Japan National Tourism Organization, more than 6.7 million Chinese visited Japan between January and August this year, up sharply from 4.6 million during the same period last year. (Min Jae Lee)

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