Why is Python?

'Cause, it's powerful...and fast; plays well with others; runs everywhere; is friendly & easy to learn; is open.

Python’s elegant syntax and dynamic typing, together with its interpreted nature, make it an ideal language for scripting and rapid application development in many areas on most platforms. 

Has best support of AI libraries - matplotlib, numpy, scipy, scikit-learn and tensorflow...

~ pythonorg

What is Python?

Python is an interpreted (executes the program directly without previously compiling into machine-language instructions), interactive (writing parts of a program while it is already running) and multi-paradigm (meta, generic, imperative, reflection, structured and object-oriented) high level programming language.  

~ Wiki

Why to study Algorithms, when memory is inexpensive?

Computers would be fast, but they are not infinitely fast. And memory would be inexpensive, but it is not free. Computing time is therefore a bounded resource, and so is space in memory. One should use these resources wisely, and algorithms that are efficient in terms of time or space would help one to achieve that.

Also, having a solid base of algorithmic knowledge and technique is one characteristic that separates the truly skilled programmers from the novices. With modern computing technology, one can accomplish some tasks without knowing much about algorithms, but with a good background in algorithms, one can do much, much more.