Tesla and SpaceX CEO Elon Musk recently revealed that the does not invest in stocks in the traditional sense. Speaking in an interview with Zerodha co-founder Nikhil Kamath at the WTF podcast, Musk said, “I don’t really buy stocks… I don’t have a portfolio or anything. I don’t look for things to invest in. I just try to build things. And then there happens to be stock of the company that I built.” Musk stressed on the fact that he is always focused on creating companies and not in investing in others. When Kamath asked Elon Musk that in which companies outside his own ventures he would consider. Replying to this Musk said that certain industries will generate overwhelming economic value in the future. “AI and robotics are gonna be very important,” he explained, later adding “space flight” to the mix. Musk argued that companies in these sectors could eventually account for “almost all the value” in the global economy, given the massive output of goods and services they will enable.

In the interview with Nikhil Kamath, Elon Musk also elaborated that why AI and robotics are the only path which can help America come out of debt crisis. Musk revealed that the US national debt is ‘insanely high’. He also added that the interest payments on this debt has already exceeded major budget lines. Musk is also sceptical about the fiscal or conventional political solutions, as he thinks they are insufficient to correct the structural debt problem. He further predicted that within about three years the production of goods and services enabled by AI and robotics could outpace inflation, leading to economic growth strong enough to reduce or neutralise the debt burden.

Tesla CEO also argued that this transformation can lead to societal changes such as less reliance on human labour and shift towards abundance and increases rate of automation.To sum up, Musk claims believes in the idea that increase in productivity and output powered by AI and robotics can fundamentally change the way the economy produces value enough to outpace both inflation and debt accumulation.