by Goldman Sachs warns that artificial intelligence will affect 300 million jobs
The future of work is bleak due to the rapid development of artificial intelligence.
According to a new report from World Economic Forum25% of jobs will be negatively affected over the next five years.
In its study, the investment bank Goldman Sachs New York-based predicts that the massive and rapidly growing adoption of artificial intelligence will affect 300 million jobs.
“We are now seeing the effects of helpful but disruptive technology,” as Forbes noted.
Both Cheggan educational enterprise, as well as IBM announced that IT will drive changes in their respective organizations.
Chegg saw the value of his stock plummet.
THE IBM will implement a hiring freeze and allow attrition without hiring new staff as AI takes over their jobs.
Shock absorber for Chegg stock
Shares of e-learning company Chegg plunged after it was one of the first organizations to admit that artificial intelligence is affecting its business model.
Chegg acknowledged that students turn to OpenAi’s ChatGPT for help. The AI alternative is hurting Chegg’s financial health, as its shares fell nearly 50% on Tuesday morning.
The training company highlights how quickly AI can inexpensively replicate services and products.
The Financial Times reported that California-based Chegg saw declining revenue and a loss of subscribers.
In response to the new reality, the company launched CheggMate, a service built with ChatGPT-4 to deliver personalized content via AI.
Goldman Sachs and the World Economic Forum predict millions of jobs will be affected
According to a new report from the World Economic Forum published on Monday, a quarter of jobs will be affected in the next five years. Rapidly developing trends in artificial intelligence, digitalization, renewable energy, and supply chain relocation will drive a critical shift in the global job market.
The WEF predicts a “new era of disruption” as many workers will lack the skills to keep up with the changes. Those with a background in technology, data analytics, or cybersecurity will benefit from the new environment.
The WEF study involved more than 800 companies employing a total of 11.3 million workers in 45 countries around the world. Global employers predict the creation of 69 million new jobs by 2027 and the loss of 83 million jobs – a net loss of 14 million jobs.
Office workers will bear the brunt of rapidly evolving change.
About 26 million jobs in management positions will be lost due to artificial intelligence.
Let’s just say that artificial intelligence lives up to its hype.
If so, the workforce in the United States and Europe will be upset, she said. Goldman Sachs this week in a sobering and disturbing report on the rise of artificial intelligence.
The investment bank estimates that 300 million jobs could be lost or reduced by this fast-growing technology.
On the positive side, Goldman argues that automation creates innovation, leading to new jobs.
For businesses, there will be cost savings through artificial intelligence. They can use their resources to start and grow businesses, increasing the annual global GDP by 7%.
IBM’s hiring freeze in roles AI can replace
At the same time, IBM announced that it would freeze hiring for roles that can be replaced by artificial intelligence.
Functions such as administration-oriented back-office and HR roles are targeted. Krishna points out that the tech company has about 26,000 non-customer employees and that about 30%, or 7,800 people, could be displaced by AI attrition over the next five years.
IBM has 260,000 employees and will continue to hire for software development and customer-facing roles.
The godfather of artificial intelligence warns
THE Dr. Geoffrey Hinton he is considered the “godfather of artificial intelligence” due to his long involvement with this technology.
After a decade working at the online search giant, Hinton recently left Googlehis current employer, The New York Times reported.
The reason for his departure was his concerns about the negative effects that the proliferation of artificial intelligence would have on humans.
He expressed concern about misinformation, labor market disruptions and other serious existential risks.
At 75, the godfather of AI left the search giant to speak freely about the potential damage AI can cause without being affiliated with Google.
The artificial intelligence pioneer said he regretted his contribution to the field.
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