Recent data from MLIV Pulse suggests that high-end ChatGPT AI systems will displace workers in the banking, media, law, and tech industries.
More over two-thirds of the 292 respondents (mostly from the financial sector) didn’t think their own employment was in danger. For decades, scientists have been trying to perfect artificial intelligence. However, in recent times so-called generative AI has created great interest among investors since they believe it might also generate large financial benefits, most notably OpenAI’s ChatGPT and DALL-E products. Respondents to the MLIV Pulse survey were nearly divided on whether or not these sorts of technologies merited investment. Only 12% of investors reported actually using an AI system, and only 27% said they had any plans to do so. More than half of those who responded stated they have no interest in adopting AI as an investment tool.
This is in stark contrast to the recent market rallies observed by firms related to advanced AI, which were spurred in part by the widespread attention of ChatGPT and Microsoft Corp.’s $10 billion stake in OpenAI, the developer of ChatGPT. Many of the AI companies whose stocks have experienced extreme price volatility and volume spikes in recent months.
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Companies and investors are competing to establish themselves as the go-to sources for AI that can generate text and images in response to simple prompts or engage in natural-sounding conversations on any topic, from whether a cat or an eagle would win in a fight to more mundane matters like current events and school assignments. Microsoft faces competition from companies like Alphabet Inc., Meta Platforms Inc., and Amazon.com Inc. in its effort to provide the most people with access to the most advanced artificial intelligence (AI) technologies. Despite the apparent upside presented by generative AI tools like ChatGPT, only 49% of investors polled indicated they intended to buy shares with exposure to these technologies. About 41% of respondents said they planned to increase their overall exposure to technology stocks during the next six months, while 38% said they would maintain their current level of exposure. The Nasdaq 100, which completed trading on Friday at 12,573.36, is expected to drop to 12,000 by the end of the year, based on the median projection. A market price frenzy is presumably what investors are looking for before making a purchase.
The dilemma of whether accurate detection will provide more possibilities than it disperses has been of significant interest to employees and businesses even before the latest spate of interest in AI. Some of the largest employers currently shedding workers are also some of the largest investors in artificial intelligence. While CEO Sundar Pichai highlighted artificial intelligence as a priority investment area in early January, Alphabet declared 12,000 layoffs around the globe. In a similar vein, Microsoft announced a $10 billion investment in OpenAI only days after announcing it would lay off 10,000 workers. In this respect, neither firm is exceptional. In response to falling demand for PCs, Dell Technologies Inc. announced on Monday that it was cutting 6,650 positions. Most investors in MLIV Pulse’s study think that the number of people being let go is either too low or too high. Only around one in ten people think those reductions are adequate. And similar to that, only 13% think they’re too soon. Wendy Hall, a researcher of computer science at the University of Southampton, recently stated that she anticipates “quite exciting AI battles” between the tech industry’s major players.