Gene Munster highlighted the impact of artificial intelligence on the workforce and the market. He pointed to Klarna’s AI chatbot, which has significantly reduced the need for human labor, as a sign of a potential 3-to-5-year bull market.
What Happened: On Tuesday, during a segment on CNBC’s Last Call, Munster emphasized the efficiency of AI applications. OpenAI-backed Klarna, a Swedish buy-now-pay-later company, has seen its AI assistant handle over 2.3 million conversations, representing two-thirds of its customer service chats in just one month. The AI bot has effectively done the work of 700 full-time agents, boosting profits by $40 million and achieving high customer satisfaction.
“This potentially could replace 700 people. That’s after doing it for one month,” he stated, underscoring the rapid advancement and adoption of AI technologies.
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Why It Matters: The implications of AI on the global job market have been a topic of intense discussion. A study by the International Monetary Fund (IMF) revealed that AI might impact nearly 40% of jobs worldwide, with a more pronounced effect in advanced economies. The IMF’s Managing Director, Kristalina Georgieva, has expressed concerns about AI exacerbating inequality and social tensions, urging policymakers to take preemptive action.
JPMorgan Chase & Co. recently reported that its AI Cash Flow Intelligence tool has cut down nearly 90% of manual human labor for some corporate clients. The tool, introduced last year, has seen wide adoption and is being considered for monetization due to its success.
Meanwhile, Meta Platforms Inc. CEO Mark Zuckerberg has also addressed the potential job displacement caused by AI. As a leader in developing next-generation AI technologies, Zuckerberg has shared insights on the challenges and opportunities presented by AI, including its impact on white-collar jobs. Meta’s latest AI model, Llama 2, is a testament to the company’s commitment to advancing AI technology.
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Image via Klarna
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