How will OpenAI’s ChatGPT and DALL-E impact jobs and investors?
Fascinating. Mind-blowing. Terrifying.
These are just some emotions felt while digging into OpenAI’s GPT-3, the deep learning language model that’s created applications like DALL·E 2 (AI-generated images) and ChatGPT (human-like chats).
What are the impacts on jobs, industries and our portfolios? Let’s take a look.
Did you just spend $15K on a coding course?
Time to catch up on artificial intelligence and machine learning. According to PwC, some of the impacts of AI include:
1/ Displaced jobs: Automation could put 3% of jobs at risk in the next few years — jumping to 20% by the end of the decade.
2/ Increased global productivity: AI could also increase global GDP by 26% ($15.7T) by 2030 (larger than China and India’s combined GDP).
Millions have already lost their jobs from automation — disproportionately impacting blue-collar workers. Turns out “knowledge workers” aren’t safe either.
Here’s how ChatGPT is replacing the…
1/ Marketer: ChatGPT can write entire marketing strategies (albeit a bit basic) — while companies like Copy.ai can pump out blog posts, social media content and marketing emails.
2/ Software engineer: Developers are building websites in less than 10 minutes or writing full pieces of code (with some flaws) using a few prompts.
3/ Customer support: In the future, you may not know what’s written by AI, and you might not know whether you’re chatting with a robot, either.
Wages are a company’s largest expense and tech companies pay significant compensation packages to retain employees. Luckily, robots don’t need stock options.
What happens when companies can bring that cost down?
Big Tech gets… even more profitable?
Profit margins of US companies are already at their highest levels since 1950. As AI improves and companies adopt its use cases, companies could become even more efficient. And it’s only the beginning…