Job snatchers: AI's looming threat 😲

Is artificial intelligence coming for your job?

Apr 12, 2023

Today we’re talking about all things Artificial Intelligence (AI). It’s no secret that AI is reshaping almost every industry, and we’ll be discussing the projected impact of AI on jobs.

From Apple’s facial recognition software to Netflix’s recommendation algorithm, artificial intelligence (AI) is rapidly integrating into our daily lives. But what impact does AI have on the job market?

OpenAI, the San Fransisco-based startup behind the AI language model ChatGPT, released a report last month titled ‘GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models’. Today we’re unpacking the findings from this report, and spotlighting some of the companies making great waves in the field of AI.

But first…what actually is AI?

Artificial intelligence (AI) refers to the ability of a computer system to perform tasks that typically require human intelligence, including visual perception, speech recognition, decision-making, and problem-solving.

Let’s take a deeper look at how we got here.

This infographic is pretty detailed so we’re not going to regurgitate it all here, but these are some of our favourite milestones in the field:

1950: Alan Turing proposes the Turing Test as a way to measure a machine’s ability.
1956: The Dartmouth conference - this conference is widely regarded as the birthplace of AI as a scientific field.
2002: The birth of Roomba, and more importantly, videos of cats riding on them.
2020: The release of GPT-3 by OpenAI.
2022: Google fires engineer Blake Lemoine over his claims that Google’s Language Model for Dialogue Applications (LaMDA) was sentient, sparking debate over the ethics of integrating AI into society. (Lemoine redemption arc pending.)

How will AI continue to advance? And what are the potential ramifications? Recently, an open letter has been published proposing a 6-month hiatus of advanced AI projects, and has been signed by over 1,700 people including researchers at Google DeepMind and Tesla CEO Elon Musk. Supporters express fear and concern about the rapid growth of AI and lack of regulations over its use.

Whilst we can only base our AI predictions on Black Mirror episodes, our friend Peter over at The Neuron is the real AI expert, providing daily AI insights into your mailbox. His recent pieces are on top of our reading list: ChatGPT plugins you can’t miss; ChatGPT application in finance; build your app with ChatGPT. All great reads on the latest AI trends. Trusted by over 45,000 professionals, it is a must-read for anyone interested in staying ahead of the AI revolution!

The AI bigwigs

Who are the biggest companies in AI to watch? It’s no surprise that several top technology companies in the NASDAQ 100 are at the forefront of developing and advancing AI technologies. In fact, over 50% of the NASDAQ 100 market cap comprises just 7 companies:

With greater resources, larger workforces and more income to invest in AI, these big tech companies have made significant contributions to the progression of the field:

Microsoft is a major player in the AI field, with its Azure cloud platform and major stake in OpenAI.
Apple has been increasingly investing in AI research and development, with its Siri voice assistant and facial recognition technologies being notable examples.
Google, a subsidiary of Alphabet, is a pioneer in AI research and development within its Google AI arm, and in DeepMind, which it acquired in 2014.
Amazon has made significant investments in AI including its Alexa voice assistant and AI-powered recommendation engine.
NVIDIA produces the graphics processing units (GPUs) used to train and deploy deep learning models.
Meta uses AI to power its news feed algorithm and its facial recognition software, DeepFace.
Tesla has increasingly devoted funding to AI research, including its autopilot driving system.

Also worth mentioning is IBM (not listed on the NASDAQ) which has been a leader in AI research for decades, with its Watson AI platform being one of the most prominent and widely-used AI systems in the industry.

Despite making great waves in AI research, many big tech companies are implementing workforce reductions, citing a bleak economic outlook and over-hiring during the COVID-19 pandemic. Is it possible that the very individuals advancing AI research are creating the technologies that will replace themselves?

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Will AI steal your job?

In a viral TED Talk by Peter Haas, the robotics researcher mentions that ‘human salary demands cannot compete with the base cost of electricity’.

OpenAI’s report makes it clear that AI is more than capable of performing tasks required for many jobs. In fact, GPT-4, the newest version of OpenAI’s language model system, outperforms the average student on multiple exams. Parents’ standards are about to get a whole lot higher.

According to OpenAI, 80% of jobs could have at least 10% of their tasks replaced by AI, and 19% of jobs could have at least 50% of their tasks replaced by AI. But who is most at risk?

A notable finding of the study is the correlation between salary and the likelihood of being replaced by AI. With writers, mathematicians, and financial quantitative analysts at high ‘exposure’, the adoption of AI is likely to drastically change our current economy.

Jobs with the lowest risk of being replaced are highly labour-intensive, including athletes, mechanics and construction workers. It’s important to note that this report was specific to ChatGPT, and that jobs such as those in the food service industry are likely to become automated in the future through advancements in robotics.

AI also has the potential to create new jobs and industries that we cannot yet fully anticipate, opening up new avenues for innovation and economic growth. According to a 2020 report by the World Economic Forum, 85 million jobs worldwide will be displaced by AI by 2025, but 97 million new jobs will be created during this time.

The question of whether AI is stealing jobs is a complex and nuanced one that requires careful consideration. Whilst the evidence suggests some jobs are highly replaceable, it may take years for these technologies to be adopted and scaled within the workplace. Ultimately, the challenge is not to stop the rise of AI, but to ensure that it is harnessed in a way that benefits all of society.

I’m interested to hear your thoughts on how AI will integrate into society. Do you think an AI can do your job? Share your opinion in the poll below!

See you on Friday with a deep dive into Google!

Created by Shivani

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