Last week, OpenAI just released a paper that made workers tremble. The paper predicts that AI will affect no less than 80% of American jobs. This is huge and will affect millions of people. Just 5 days later, Goldman Sachs followed suit and released a report, giving us another critical blow. According to predictions, generative AI will cause “major disruption” in the labour market. The report claims that over 300 million jobs globally will be automated. Also, AI will claim 7% of jobs in the U.S. Goldman Sachs said that if generative AI is able to realize the existing capabilities, then these scenarios are entirely possible. ChatGPT has evolved so rapidly that other AI tools are also eyeing it. It is really dangerous for physical workers.
300 million jobs to be lost
The report points out that the generative AI techs such as ChatGPT and DALL-E mainly have three characteristics:
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- General AI
- Capable of generating novel and human-like info
- Provides a consumable interface that both understands and responds to natural language, images, audio and video.
In addition, many large companies are not only mentioning generative AI more in corporate earnings calls but also placing more bets on AI. According to the report, about two-thirds of jobs in the United States will be affected by AI automation. Also, 25% – 50% of these jobs could be lost by workers.
In addition, the report assumes that at least 50% of important and complex weighted tasks are likely to be replaced by AI. Also, 10 – 49% of jobs are more likely to be assisted by AI. The remaining 0 – 9% of jobs are less likely affected. According to Goldman Sachs estimates, about 7% of jobs in the United States can be replaced by AI. Also, 63% of jobs will be assisted by AI, and only 30% of jobs will not be affected by AI.
Goldman Sachs cites a study that found that 60 per cent of the workforce today are employed in occupations that did not exist in 1940. This means that over the past 80 years, more than 85% of occupations have been driven by new technologies. It predicts that 1 in 4 jobs in the US and Europe could be automated by AI.