Dan Loeb hails AI as a decade-defining technology like the PC and Internet - and says a severe recession looks unlikely

• Dan Loeb heralds AI as a game-changing technology in his second-quarter letter to investors.
• The Third Point chief ranks it among transformative tools like the PC, internet, mobile, and cloud.
• Loeb predicts a mild recession, as he expects the Fed to offset a slump in consumer spending.

Dan Loeb hailed artificial intelligence as a decade-defining technology, and predicted a mild recession, in his second-quarter letter to investors this week.

"We believe generative and other forms of AI could compare to the Industrial Revolution but compressed into a period of months and years rather than decades," the billionaire investor and Third Point chief said.