The Globe and Mail reports in its Wednesday edition that it is not clear what effect artificial intelligence will have on reducing the need for labour and on labour costs. Guest columnist George Athanassakos writes that for now it is not clear exactly how AI will render business processes more effective. Historically, new technologies have been disappointing in terms of increasing productivity. For example, self-checkouts have failed to live up to their promise: They have not led to more efficient checkouts, and have increased thefts. Traffic volume on OpenAI's Chat GPT has been falling. Job postings for AI specialists are now 50 per cent below what they were last year. AI may lower inflation by reducing the number of workers and/or by making workers more productive. At the same time, it will also increase demand for capital, which will put upward pressure on real interest rates, and offset or negate the decline in inflation. Mr. Athanassakos says that no matter how one looks at the inflation and interest-rate problems, AI will not alleviate them. Value investing will beat growth, riding the exchange-traded-fund bandwagon will not work, and stock picking and fundamental analysis will be key to outperformance.