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 Edges Higher on Fiscal Debt Concerns while Traders await US Jobs Data

A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo
A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo
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Gold Edges Higher on Fiscal Debt Concerns while Traders await US Jobs Data

A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo
A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo

Gold prices edged higher on Wednesday as investors shifted their focus to the US fiscal situation and lingering uncertainty ahead of the July 9 deadline for US tariffs to take effect.

Spot gold was up 0.1% at $3,340.67 per ounce at 1157 GMT. US gold futures were steady at $3,351.10.

"The markets are again focused on the US fiscal situation ... and combined with uncertainty about the July 9 tariff deadline, these create fog for traders, who are directing flows towards safe-haven assets like gold," said Ricardo Evangelista, senior analyst at brokerage ActivTrades, Reuters reported.

US Senate Republicans narrowly passed President Donald Trump's tax and spending bill on Tuesday, a package cutting taxes, reducing social safety net programmes and boosting military spending while adding $3.3 trillion to the national debt.

"We still think debt level concerns, ongoing pressure on the Fed to adjust their rates and weaker US economic data will support the price of gold," said UBS commodity analyst Giovanni Staunovo.

Data on Tuesday showed US job openings increased unexpectedly in May, but a decline in hiring added to signs that the labor market has shifted into lower gear.

Fed Chair Jerome Powell reiterated that the US central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts.

The focus now shifts to US ADP employment data due later in the day, followed by June non-farm payroll figures on Thursday, for further insights into labor market conditions.

In other precious metals, spot silver gained 0.5% to $36.24 an ounce, platinum rose 2.2% to $1,380.31 and palladium climbed 2% to $1,122.