The capabilities of artificial intelligence continue to advance at a dizzying pace. Especially with the advent of his ChatGPT, it seems that the introduction of AI technology into the daily operations of companies has accelerated. But no one could have guessed that AI would have a quantifiable impact on business. until now.
A new study comparing the exposure of employees at the largest U.S. companies to generative artificial intelligence found that those with the most exposure had higher cash flows, lower labor costs, and higher market valuations. It turned out that it is possible to obtain
Companies whose labor costs are more complementary to generative AI will see increased cash flow from improved technology that complements their workforce.
International Business Machines Corp. (Ticker: IBM) topped the list of researchers among the 15 largest companies with the most exposure to ChatGPT, a chatbot AI released by research institute OpenAI in November.
The next four are Intuit
,
Qualcomm
,
Fiserve and Nvidia
.
Ads – scroll to continue
IBM CEO Arvind Krishna told Bloomberg News this month that out of the company’s 260,000 employees, 30% could easily be replaced by AI and automation in five years. You can imagine,” admitting the big reveal.
Microsoft (MSFT) is number 9 on the most endangered list. According to a memo published by Business Insider, CEO Satya Nadella has slammed full-time employees this year, citing the need to invest in a “major platform transformation in the new age of AI.” to freeze their salaries.
Of the 15 largest US companies with the highest exposure to AI, eight are in the information sector and six are in manufacturing, based on ChatGPT’s assessment of tasks performed by different professions. S&P Global, Broadcom
,
Verizon Communications
,
And 3M rounded out the top ten.
Ads – scroll to continue
Of the 15 least exposed companies, 2 are in the food service sector, 7 are in retail, 3 are in transportation and warehousing, and 2 are in manufacturing.
Starbucks
,
McDonald’s, Dollar General
,
Target and Walmart are among the top five least exposed groups.
“Our premise is that tasks performed by workforces in more at-risk firms are more likely to be performed by generative AI applications compared to tasks performed by workforces in less exposed firms (and industries). It’s easier to do,” the three finance professors said in the study. Report released last week.
Ads – scroll to continue
“At the enterprise level, whether AI is positive or negative for value depends on how much the workforce is at risk and how well incumbents and new entrants can take advantage of technological advances. ,” said Treasury Department official Andrea L. Eisfeldt. Dean and Professor of Finance at UCLA Anderson School of Management said: Barons.
Some of the findings contrasted with previous research and assumptions about AI and labor. In this study, the most affected occupations were indeed those with a high proportion of non-routine cognitive analytical tasks and routine cognitive tasks, while manual physical tasks were relatively unaffected. I understand.
IBM said Barons We are actively hiring for thousands of positions. “IBM is selective and thoughtful in its hiring, focusing on revenue-generating roles, and is very selective when hiring for jobs that are not directly related to clients or technology.”
Ads – scroll to continue
Intuit (INTU), NVIDIA (NVDA) and Microsoft declined to comment for this study. Starbucks (SBUX), McDonald’s (MCD) and Dollar General (DG) were not immediately available for comment.
In addition to Eisfeldt, the study was also conducted by Gregor Schubert, Assistant Professor of Finance at the Anderson School. and Miao Ben Chang, Assistant Professor of Finance and Business Economics at USC Marshall School of Business.
“While we do not take a position on whether generative AI is a substitute for or complementary to work with higher exposures, our research Firms with a high occupation ratio show that they are adding value across a range of “industry hubs,” they wrote.
Ads – scroll to continue
This new research suggests that AI is well suited for highly exposed companies. But whether it is good WorkerIn other words, it remains to be seen if we can actually replace the workforce in these industries.
Asked what employees at companies like IBM should take from the research, Eisfeldt said AI could help them be more productive. “These companies may be restructuring their workforces, but the ultimate impact on overall labor could still be positive,” she said. Barons.
“In many jobs, AI tools can take over rote and repetitive tasks, allowing employees to focus on areas where human creativity and insight are particularly valuable. As a result, some jobs may become more attractive to workers and more valuable to businesses, as long as workers are willing to adapt to changing responsibilities,” she said. rice field.
Write to Janet H. Cho (janet.cho@dowjones.com) and to Stevie Rosignol-Cortez (stevie.rosignol-cortez@dowjones.com).
