Earlier advances in software, cloud, and mobile capabilities forced nearly every business—from retail giants to steel manufacturers—to invest in digital transformation or risk obsolescence. Now, it’s AI’s turn.

Companies are pumping billions of dollars into AI investments to keep pace with a rapidly changing technology that’s transforming the way business is done.

Robinhood CEO Vlad Tenev told David Rubenstein this week on Bloomberg Wealth that the race to implement AI in business is a “huge platform shift” comparable to the mobile and cloud transformations in the mid-2000s, but “perhaps bigger.”

“In the same way that every company became a technology company, I think that every company will become an AI company,” he explained. “But that will happen at an even more accelerated rate.

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