On Friday, we are reminderd that many of the jobs created last month may not even exist a decade from now as generative AI takes hold in businesses large and small.
Or at least this writer is thinking along those dreary lines.
Enrique Lores, CEO of HP Inc., told Yahoo Finance Live that workers should be prepared for disruption.
My prediction is that artificial intelligence is going to change significantly where people spend time, Lores said, and that many activities that today takes one day to get done are going to take seconds. And it's going to be really shifting the world from doing things to interpreting things, to really working with the output - not so much in creating the analysis, for example, if you are an analyst. Goldman Sachs' numbers are worrying that the job market will be shaken up by the advances in AI.
Generative AI could open up the equivalent of 300 million jobs globally to automation over the next decade, the investment bank said in a recent piece of research. A worker may lose their job to a robot, a good way of saying it.
The result is that robots should boost the productivity of companies and, by extension, the economy. robots don't need time off, so it's not a waste of time.
Goldman expects that over a 10 year period, US labor productivity will increase by 1.5%, following the widespread adoption of generative AI. AI could eventually increase the annual gross domestic product GDP by 7%.
Despite significant uncertainty surrounding the potential of generative AI, its ability to generate content that is distinct from human-created output and to break down communication barriers between humans and machines reflects a major advancement with potentially large macroeconomic effects, said Jan Hatzius, the lead author and Goldman's chief economist.
As for HP, AI will naturally change how the company goes about creating, manufacturing, and selling PCs and printers. More robots - and perhaps a faster pace of innovation - have done more profitably.
Lores also said new high-powered computer chips that support AI would require a major PC reset, which will begin in earnest in 2024.
I think we all will have to learn the new technology, he said. And this is true at all levels of the company. BrianSozzi on Twitter and LinkedIn. Yahoo Finance.com email brian.sozzi@yahoofinance.com