Unlike the SPAC, metaverse, and NFT bubbles, the AI bubble is likely to having a lingering impact on the economy and markets even after it bursts. Machine learning is here to stay whether we like it or not, as it offers cost-reduction benefits that today’s businesses can’t resist.
Wall Street and Silicon Valley are always on the lookout for the next big thing, and they got it in 2023’s first quarter as ChatGPT brought generative AI into the mainstream. Whatever the young people adopt, older folks will buzz about months later – and when high school and college students turned to ChatGPT to write term papers for them, suddenly there was a trend that the mainstream press could latch on to.
And so, we have the rise of the machines in the 2020s, but it doesn’t look anything like the Terminator films. Instead of robots gunning people down in a post-apocalyptic dystopia, it’s more like a job market rotation in which some professions are in danger of getting wiped out completely.
Civilization won’t crumble because of machine learning, but swaths of workers will be impacted. If there were ever a time to brush up on your skill set, this is it. Otherwise, this “next big thing” could be the undoing of your career prospects.
Plus, there’s no going back when it comes to technological advancements. Just as landlines won’t suddenly be in vogue anytime soon, businesses won’t have any incentive to pay people to code computer programs manually when they can have AI do it efficiently and probably error-free.
This isn’t entirely a bad thing. If AI can help to reduce errors in the medical field, there’s the potential to save lives. Furthermore, governments and businesses may be able to step up their cybersecurity defenses with the assistance of machine learning.
Now, you may be wondering whether your career path will be derailed by generative AI programs such as ChatGPT. The list shown above is just the tip of the proverbial iceberg, but it’s reportedly the top 10 most exposed jobs to generative AI.
Not too many people in the U.S. will feel sorry for telemarketers, the number one most exposed job on the list. Also, sociologist was never a highly reliable career path in the first place, so I don’t imagine that very many people will lose sleep over generative AI’s impact on that field.
By the way, I’ve seen what ChatGPT is and isn’t capable of in the field of financial article writing. Until AI figures out how to filter out factual errors, apply common sense, form reasonable conclusions on its own, eliminate awkwardness (from what I’ve read, AI-produced content just isn’t “right” somehow even if it’s grammatically correct), and create instead of just summarize what’s already been created, I’m in no danger.
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Who is in danger, then? Mainly, it’s less skilled workers. People who simply write content that summarizes what’s already published, for example, are in deep trouble (as they probably ought to be). Basic coders are in jeopardy, as well, and it makes sense that telemarketers are at the top of the list.
Check the list again, though, and you’ll surely detect a theme: 8 out of 10 of the listed at-risk professions are some type of college/university professor. I’ve been a college instructor, and it doesn’t surprise me in the least that this profession is falling by the wayside due to automation.
Courtesy: Sam Altman, CNBC
Even though machine learning is far from perfect, it will alter the landscape of the economy on a permanent basis in some ways. Businesses that hesitate to adopt AI could cease to exist soon; as one cloud business executive put it, “existing companies that will not embrace it immediately, there is a chance that they will become not relevant.”
Losing one’s relevance is a serious threat, so the time to adapt is now, not when it’s too late. You don’t have to embrace machine learning, but you probably don’t want to resist it, either. Practically every job, especially in the services sector, will involve AI skills in the near future.
To quote an executive who works with lawyers and accountants, AI isn’t about to replace lawyers, but “lawyers using AI are gonna replace lawyers.” So, it’s time to consider joining the “bot” revolution; those who resist won’t necessarily lose their lives, but they will get left behind.
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