Elon Musk: More Humanoid Robots Than People by 2040

Elon Musk, CEO of Tesla and SpaceX, speaks at the 8th Future Investment Initiative conference, which began Tuesday in Riyadh (Asharq Al-Awsat)
Elon Musk, CEO of Tesla and SpaceX, speaks at the 8th Future Investment Initiative conference, which began Tuesday in Riyadh (Asharq Al-Awsat)
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Elon Musk: More Humanoid Robots Than People by 2040

Elon Musk, CEO of Tesla and SpaceX, speaks at the 8th Future Investment Initiative conference, which began Tuesday in Riyadh (Asharq Al-Awsat)
Elon Musk, CEO of Tesla and SpaceX, speaks at the 8th Future Investment Initiative conference, which began Tuesday in Riyadh (Asharq Al-Awsat)

Elon Musk, CEO of Tesla and SpaceX, suggested on Tuesday that humanoid robots could surpass the human population by 2040, also predicting that each robot will be priced about $25,000.

Musk was speaking at the 8th Future Investment Initiative conference, which began Tuesday in Saudi Arabia’s capital, Riyadh.

The Tesla CEO, who plans to launch about five uncrewed Starship missions to Mars in two years, voiced concerns about the existential risks associated with artificial intelligence. “AI poses a significant existential threat, and we need to address it seriously,” he said.

Musk then emphasized the critical role of birth rates in sustaining society. “If we don’t produce new humans, there’s no future for humanity, and all the policies in the world won’t change that,” he said.

The Tesla chief executive anticipated that by 2029, AI could perform any task a human can, also stressing the ongoing need for advanced computing skills and technological transformation.

Separately, Musk said he expects self-driving cars to start operating in both California and Texas next year. He stressed that the models will be safer than human driving

He said Tesla plans to increase production. He expected 9 to 9.5 million vehicles on the road by the end of next year.

In the long term, Musk said, Tesla aims to produce 100 million cars as the company starts the mass production of vehicles with no steering wheel or pedals by 2026.

Musk then argued that excessive bureaucratic regulation was stifling growth, particularly in the US.

He said the biggest obstacle to progress is bureaucracy and “that’s been growing every year, especially under the Biden administration.”



Gold Hits Nearly Two-month High as Middle East Tensions Spur Safe-haven Demand

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Hits Nearly Two-month High as Middle East Tensions Spur Safe-haven Demand

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices climbed on Friday to their highest levels in nearly two months, and were on track for a weekly gain, after Israeli military strikes on Iran drove investors toward safe-haven assets.

Spot gold was up 1.2% at $3,423.30 an ounce, as of 0544 GMT, after hitting its highest since April 22 earlier in the session. Bullion has gained more than 3.4% so far this week.

US gold futures gained 1.2% to $3,444.50.

Geopolitical tensions escalated after Israel targeted Iran's nuclear facilities, as tensions mounted over US efforts to halt Iran's production of atomic bomb materials.

"This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response," said Tim Waterer, chief market analyst at KCM Trade.

Israel declared a state of emergency, citing expected missile and drone strikes from Tehran, and the US military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians, a US official told Reuters on condition of anonymity.

"Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue," Waterer said.

Signaling a cooling US labor market and subdued inflation pressures, new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped restrain producer prices in May.

The data, released a day after the Labor Department reported a moderate rise in consumer prices in May, bolstered expectations of an earlier rate cut.

Traders are now expecting a Federal Reserve interest rate cut of 55 basis points by the year-end, starting in September rather than October as previously anticipated.

Elsewhere, spot silver fell 0.3% at $36.25 per ounce, platinum lost 1% at $1,282.55 and palladium shed 0.5% to $1,050.61. All three metals were set for weekly gains.