AI, Markets, and the Future of Productivity with Oliver Scott and Julian Scott (Ep. 40)
Market valuations are reaching levels not seen since the dot-com bubble, raising questions about whether AI justifies these heights or if we’re heading for another crash.
Are we witnessing a genuine transformation or falling for hype? Can AI really deliver the productivity gains everyone is betting on?
In this episode, Adam Scott, CFP®, brings on his sons, Oliver Scott, a software engineer working on AI at Compass, and Julian Scott, formerly a consultant at McKinsey & Company, currently Chief of Staff at Generate Capital, to explore AI’s real impact on business and the economy. They break down what AI actually is, from machine learning to large language models, and discuss how it’s reshaping consulting, software engineering, and countless other industries.
They also discuss the limitations of current AI technology and whether artificial general intelligence is feasible.
Key topics covered:
- The difference between machine learning and generative AI
- How AI is transforming consulting work by replacing junior-level tasks and enabling senior consultants to produce more with fewer people
- The architectural limitations of current AI systems, including hallucinations, and the challenge of depleting available training data
- The circular investment concerns in the AI industry and whether current valuations reflect real value or unsustainable hype
- Real-world applications of AI that demonstrate both its impressive capabilities and its current limitations
- And more!
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About our Guests:
Oliver Scott is a software engineer at Compass. With hands-on experience developing AI systems, he has a front-row view of how machine learning and large language models are evolving and shaping the future of technology. In this episode, he breaks down the fundamentals of AI, explains the architectural limitations and challenges (including hallucinations and data constraints), and shares how AI is changing the day-to-day work of engineers. Oliver also discusses the industry-wide race toward artificial general intelligence and the massive investments driving it.
Julian Scott, formerly a consultant at McKinsey & Company, currently Chief of Staff at Generate Capital. His work centers on research synthesis, strategic insights, expert interviews, and helping senior leaders make informed decisions. Julian offers a real-world look at how AI is transforming consulting by speeding up research, replacing junior-level analytical tasks, and reshaping firm structures. He also shares perspectives on productivity gains, industry disruption, and the broader economic implications of AI adoption.
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