Frank Downing, the director of Research for Next Generation Internet at Cathie Wood-led Ark Investment Management, addressed concerns about the impact of artificial intelligence on employment.
What Happened: In a video posted on social media on Wednesday, Downing responded to the question, “Will Generative AI take all of our jobs?”
He drew a parallel between generative AI and the assembly line, a pivotal innovation in 1913 by Ford Motor Co. Downing said that the introduction of the assembly line led to a reduction in the average workweek and an increase in GDP per capita, rather than mass unemployment.
He then suggested that generative AI could be seen as an assembly line. “In a way you can actually think of generative AI as a type of assembly line for knowledge workers that will make our work lives easier and more productive,” Downing stated.
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Why It Matters: The impact of AI on the job market has been a topic of intense debate. Microsoft Corporation CEO Satya Nadella previously expressed optimism about AI’s potential to increase wages and provide more expertise.
However, in January 2024, the International Monetary Fund or IMF warned that AI could impact up to 40% of global jobs, potentially worsening overall inequality.
Meta Platforms, Inc. CEO Mark Zuckerberg has also weighed in on the issue, stating, “I think there will be a bunch of transformation that will mean that certain jobs we don’t do them in the way we’re doing them now. Certain things might get automated.”
Despite these concerns, an MIT study suggests that the rate of job transformation due to AI may be slower than expected, as it is still not economically feasible for companies to replace employees with AI systems. Meanwhile,
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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