AI will bring in universal income and everyone will get wealthier, Oracle's Larry Ellison says

Oracle's Larry Ellison predicts that the widespread adoption of artificial intelligence will ultimately result in universal income and a wealthier society. During a discussion at the Oracle AI World event in Las Vegas, Ellison emphasized that the integration of robots across various industries and sectors will boost productivity, making people more efficient and productive. He highlighted examples of robotic surgeons and autopilot systems in planes to illustrate the transformative potential of AI.

Ellison argued that while AI may replace certain jobs, it will also reduce costs and enable companies to generate value-added tax revenue from the increased productivity. This, in turn, could lead to the implementation of a universal product income system, he said. Ellison acknowledged that it would take more than a decade for AI to fully materialize, but the benefits of a healthier and wealthier society are inevitable.

He stressed that the key to realizing universal income is to ensure that the value added by AI is taxed appropriately. Ellison also highlighted the significant impact AI will have on the healthcare sector. With AI-driven advancements, most cancers could be eradicated within five to ten years, and drugs will reach markets more quickly.

Additionally, early diagnosis tools, such as AI-enabled metagenomic tests, will improve patient outcomes by detecting sepsis and cancer at earlier stages. As the quality of care improves globally, the overall cost per patient is expected to decrease dramatically.