Friday’s jobs report reminds us that many of the jobs created last month may not even exist 10 years from now as generative AI takes hold in companies large and small.
Or at least this writer thinks along such gruesome lines.
Enrique Lores, CEO of HP Inc. (HPQ), told Yahoo Finance Live that employees should prepare for disruption.
“In my opinion [artificial intelligence is] “Where people spend their time will change a lot,” Lores explained (video above), “and many of the activities that today take a day to complete will now take seconds to complete. And that would really shift the world from doing things to interpreting them and actually working with the output — for example, if you’re an analyst, creating an analysis. don’t put a lot of effort into it.”
Goldman Sachs numbers crunchers believe advances in AI will have a last-minute impact on the job market.
A recent study by the investment bank estimated that generative AI could automate the equivalent of 300 million jobs worldwide over the next decade. This is a good way of saying that humans could lose their jobs to robots.
As a result, the more robots that do the work, the more productive companies will be, and the better the economy will be. After all, robots don’t need vacations.
Goldman predicts that the proliferation of generative AI will increase U.S. labor productivity by 1.5% over the decade. AI could ultimately increase global gross domestic product (GDP) by 7% annually.
“Despite the great uncertainty about the potential of generative AI, its ability to generate content indistinguishable from human-produced output and to break communication barriers between humans and machines has great potential. It reflects great progress with macroeconomic effects,” said Jan Hatzius. Lead author of the report and chief economist at Goldman Sachs.
As for HP, AI will naturally change the way the company creates, manufactures and sells PCs and printers. More robots means faster pace of innovation and probably more profitable.
Lores also believes new high-performance computer chips to support new AI will start in earnest in 2024 and require a major PC reset.
“I think we all have to learn new technologies,” Lores said. “We have to get used to it because this is the only way we can continue to add value and continue to create value. And this is true at every level of the company. I have to learn too. You must also learn.” ”
Brian Sotzi Executive editor at Yahoo Finance. Follow Sotzi on Twitter @BrianSozzi and further LinkedIn. Bank Crisis Tips? Email brian.sozzi@yahoofinance.com
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