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The study reveals superforecasters are no more accurate than domain experts in predicting near-term global risks, challenging assumptions about specialized knowledge's predictive power.
In a comprehensive study released on September 2, 2025, researchers from the Forecasting Research Institute (FRI) evaluated the accuracy of near-term forecasts made by superforecasters and domain experts during the Existential Risk Persuasion Tournament (XPT). The XPT, held in June–October 2022, brought together 169 participants to predict potential global risks, including those from artificial intelligence (AI), climate change, nuclear war, and pandemics. This report provides a detailed analysis of the forecasting performance on 38 near-term questions that resolved by mid-2025.
The accuracy of forecasts in areas like AI development and climate technology is crucial for policymakers and investors who need to make informed decisions about resource allocation and risk management. The XPT aimed to assess whether superforecasters, known for their proven track records, could outperform domain experts with specific subject-matter knowledge. The findings have significant implications for how we approach long-term existential risks and the value of different forecasting methodologies.

This research was supported by the Musk Foundation, Open Philanthropy, and the Long-Term Future Fund. The authors also acknowledge the assistance of Sam Glover, Rory Svarc, and Bridget Williams throughout the project.
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Marcus began tracking AI's market implications in 2016, noticing AI-related patent filings accelerating ahead of earnings upgrades before most of the sell-side had caught on. A former fixed-income quantitative analyst, he spent two decades building models that priced risk across emerging markets before pivoting to cover the economic impact of AI full-time. His writing translates opaque technical developments into clear risk/reward terms — and he's rarely diplomatic about the gap between AI valuations and underlying fundamentals. He believes most market participants still underestimate AI's long-run deflationary effect on knowledge work.
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3 September 2025
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