Why Mark Cuban thinks Amazon is ‘the greatest company in the world’ – CNBC
In a wide-ranging interview on “Fast Money Halftime Report,” Cuban touted the online retail giant, saying it was one of his biggest holdings, along with video streaming platform Netflix.
“I think Amazon is the greatest start-up and the greatest company in the world,” Cuban said. “The way they are using new technologies is not just disrupting retail, it’s getting ready to disrupt everything.”
The businessman and “Shark Tank” star argued that Amazon even has the power to disrupt other disruptors, like ride-hailing smartphone apps.
“I can see them competing with Uber,” Cuban contended. “They are a smart, smart, smart company.”
Amazon’s influence comes from its technological superiority in areas like artificial intelligence, according to Cuban.
“All these derivatives of artificial intelligence are going to have substantial impacts on [Amazon’s] profitability,” Cuban said.
But on the other hand, “there’s a lot of social consequences that we haven’t started to deal with,” he added.
The nature of work itself could eventually change because of companies like Amazon, Cuban said. As technology advances, people will inevitably lose jobs they never thought they would lose to robots or other machines, Cuban said. The billionaire added that he brought the issue up with the Trump administration, which he recently and extensively criticized.
“The few communications I’ve had with the administration have [said], ‘Okay, how do you deal with all these displaced workers?’ Because we’re talking millions … over the next two, three years that are going to lose their jobs because they’ve been replaced,” Cuban said.
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a judge.