The exponential future of finance

A decade to mass extinction event in S&P 500

15 years to extinction: S&P 500 companies



To fast-forward change and help failing industries, he partnered with Ray Kurzweil, the director of engineering at Google, to launch Singularity University six years ago. The unaccredited university in Silicon Valley teaches leaders how to apply "exponential technologies" to address humanity's grand challenges. Educators are well-known entrepreneurs and scientists who want to mentor the next generation of world-class innovators. In a recent interview with CNBC's senior editor Lori Ioannou, Dr. Diamandis talked about his upcoming plans for the XPRIZE Foundation and the rapid pace of technological change.

Dr. Peter Diamandis
founder and chairman, XPRIZE Foundation




A: A good example is the financial industry. Already we see new approaches to the markets with the introduction of digital currency known as bitcoin and block-chain trading.  There is also an arms race going on with the use of artificial intelligence and quantum computing. Look at what's happened with algorithmic high-frequency trading. You have to ask, 'Will the NASDAQ or the NYSE still exist a decade from now?'


A: No. There is so much tech disruption going on, I don't think investors and money managers are aware of the rate of change coming down the pike. The rate of change is too hard to fathom. But they need to be aware that many of today's F500 are in danger. A study from the John M. Olin School of Business at Washington University estimates that 40 percent of today's F500 companies on the S&P 500 will no longer exist in 10 years. 

Peter Diamandis, chairman and CEO of the X PRIZE Foundation
Getty Images

CNBC: What trends are at work?


CNBC: So what's the next big XPRIZE competition going to focus on?


CNBC: You are one of a number of "technophilanthropists." What led to this new era?

A: Many entrepreneurs that made their fortunes by founding successful technology companies want to give back and solve the world's biggest problems on a grand scale. There is tremendous opportunity in this approach.