Benzinga - O'Shares ETFs chairman and renowned "Shark Tank" investor Kevin O'Leary has recently endorsed artificial intelligence and views it as a remarkable investment opportunity.
In a recent interview with Insider, O'Leary said that AI will be the fastest-growing category in his portfolio for 2023.
"Our plan is to probably give artificial intelligence a 3.5% weighting by the end of the year," O'Leary said.
Earlier this month, Microsoft Corp (NASDAQ: MSFT) revamped its Bing search engine with Open AI's ChatGPT technology. In response, Alphabet Inc's (NASDAQ: GOOGL) Google launched Bard in an effort to compete with Microsoft's use of AI.
"ChatGPT certainly is a threat to Google, and Google must know that. But unfortunately, the market has yet to punish Google stock for this. But a few quarters from now, if ChatGPT starts to bring in significant subscriber fees, then we'll see what happens," O'Leary said.
O'Leary said that the AI search wars are already ongoing for Google and other search engines. Speaking of OpenAI, he said that it could open up some investments for his venture.
"AI is the new, hot kid on the block like the internet was 20 years ago. This is the next thing, and what you learn with next things is that it's often best to invest in the first mover and sit back and watch," he said.
"It's possible the biggest AI winner eventually will be an under-the-radar candidate that isn't a household name," O'Leary said.
O'Leary said he has been offered a chance to invest in OpenAI, a private company, and could take a stake within the next 90 days.
"I'm looking at the ChatGPT deal right now from an equity perspective, deciding what allocation I want to put into it. I'm fortunate to be offered a piece of it," O'Leary added.
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