CES 2023 (Consumer Electronics Show) was a big event but not just for gadget lovers and tech fans. Each year, CES shows off innovations that could impact how we work, save, and even invest. How often do we hear the phrase, “boy, I wish I had invested in Apple or Google back in the day.”
Also, you don’t want to get left in the dust of the past when it comes to career and investment choices for you or your children. Grandchildren either, if you hope to pass on generational wealth.
Now that CES 2023 gave us a peek at the future, we can break down how some of the new tech may affect our lives. In a financial sense and regarding lifestyle. We will look at four key areas.
● Wearable Technology
● Smart Homes
● Automotive Tech
● How AI could Transform Industries
Latest in Smart Home Technology
One of the highlights of CES 2023 had good timing. With the Super Bowl around the corner, a 97-inch LG TV was a hit at the technology showcase.
A huge screen is not fresh tech but this LG product honed in on a key feature - total wirelessness (besides power). The company referred to it as ‘Zero Connect.’ The audio and video signal comes from a separate box placed up to 30 feet away. Great for avoiding tangled wires and providing better aesthetics.
The future is wireless even for large gadgets like TVs. Something to keep in mind when debating one EFT over another, perhaps.
Another interesting gadget in the Home Tech category was a companion robot. Half pet, half bot called Loona. Capable of interacting with the family and even performing security duties.
“These sensors also make her a capable home security bot and something of a STEM tool for kids via a graphical programming option to teach Loona new “interactions.”
K9s and cats don’t have to worry about becoming obsolete. Yet, these robots could play a larger role in the future. Possibilities:
● Monitoring for issues with the elderly
● Option for people with pet allergies
● Chores beyond those of vacuum bots
Hate to leave Home but onward to Wearables.
Fifteen years ago, who would have invested a hefty sum in wearable technology? Now you can’t spot a watch on anyone outside an upscale occasion that is not a smartwatch.
*Smartwatches held around 30.5 percent of the wearable market in 2021 and roughly 142 million units shipped that year. (Statista)
GoPro Cameras are now seen as an early version of wearable technology. Same goes for ‘ancient’ Bluetooth headsets and earphones.
Imagine the forward thinking it takes to see a bulky first-gen camera and predict watches capable of tracking GPS, heart rate, and steps. Foresight is what it takes to spot trends today that turn into next year’s top-selling innovations.
You don’t want to find yourself working for a company about to be booted out of the market by a flood of new tech that crushes the old guard. Example: Wired headphones. Still in use but for how much longer?
Two incredible wearables showcased at CES 2023:
Tech companies catch grief for creating addictive products like social media. Rightly so, but the two products above can do good in the world. Something the creators and investors can be proud of.
Cruising on to the next CES category…
Automotive Tech - What’s Next?
If the horse and buggy companies could see cars of today they would fall over! We have come a long way since those days. Horses are no longer needed for travel and before long it appears human drivers won’t be either with autonomous driving coming on fast.
Lots of doubters and concerns there. But it can’t be ignored. Former Presidential candidate, Andrew Yang has predicted millions of truck drivers will lose their jobs to driverless big rigs. Think that would turn an industry upside down? It would also make major U-turns in the overall economy.
As for exciting CES highlights in the automotive category - a truck. A really smart one. The Dodge Ram 1500 Revolution BEV is only a concept vehicle currently. Yet, the design will influence Dodge’s lineup in the coming years according to Engadget. The truck showed off AI abilities using voice commands from inside or outside the truck. Plus, it had a movie projector.
Are electric vehicles a smart investment going forward? The U.S. Government appears all in. But you can read about issues regarding the much-hyped tax credits on EVs in our related blog post.
The other innovative vehicle tech that could shape the future of driving? A smart windshield.
“Ready Vision will use augmented reality to project helpful images onto the windshield. GPS instructions, blind spot warnings, and other important info about your car can all be projected by Ready Vision, which Harman says will go into production this spring.”
If this innovation takes off, you can imagine results similar to smartphones replacing standalone GPS gadgets. A technology that keeps your eyes on the road and a windshield with safety alerts and directions could be a game-changer.
Last category up next.
How AI Will Transform Industries (or will it?)
You won’t find me on the AI bandwagon just yet. There’s much work to do even on elementary jobs that artificial intelligence will allegedly be “stealing from humans.” Writing is one example. ChatGPT has been in the news because it appears to be the best bot at using natural language.
Yet, with all the promise, tech companies would never turn a machine loose on their press release or even a blog post. Not without a human editor.
Why? Reputation damage. Artificial intelligence inherently lacks human judgment. “Just the facts” from an emotionless bot may not send the right message. Brand safety is a big concern.
AI content creation has a long way to go. Yet, this technology can be an enormous time-saver for copywriters, journalists, even video content creators who need script outlines.
Other industries with major upsides using AI:
● Lawn care - robotic mowers guided by AI
● Real-time speech translation
● Graphic design
● 3-D scanning
● Pet healthcare photo scans
● Home appliances
CES 2023 even showcased a bird feeder powered by AI. Outdoor living, with robots!
Don’t be Left Behind Because of Changing Times
Times are changing. Technology will drag us along for a bumpy ride if we don’t keep pace.
Should you change your investing strategy based on a shiny new gadget? No, not even based on a breathtaking technology with real promise of revolutionizing an entire industry. The main thing is to be informed.
You don’t have to stay miles ahead of the curve when it comes to how technology affects your finances. You do need to take steps to ensure you never get left miles behind the curve though. Because you could find yourself on a shaky career path or putting too many eggs in a basket destined to become obsolete.
Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.