Chris’ note: The rise of artificial intelligence (“AI”) is one of the biggest trends on our radar. Already, these “thinking machines” are driving our cars… winning fighter-jet dogfights… and discovering breakthrough drug candidates faster than any human can.
But the release of AI chatbot ChatGPT last November has put this trend into hyperdrive. It’s the fastest growing consumer app in the history of the internet… smashing TikTok’s record. And it’s still in its early stages of development.
A lot of folks fear AIs will replace us at our jobs. And it’s a real concern. But there’s a case to be made that the opposite will happen… Thanks to a productivity boom on a scale not seen since the Industrial Revolution.
It’s all in the second part of my Q&A with ChatGPT…
Chris Lowe: Today, I’d like to dig deeper into what AI means for the future of work. Are you up for that?
ChatGPT: Of course, I’d be happy to discuss how AI will impact the future of work. It’s a fascinating and important topic, so let’s dive in!
Chris: So, let’s start with the obvious. You’re a computer program. But talking to you feels like I’m talking to a human.
ChatGPT: Thank you, that’s one of the goals of language models like me – to create more natural and engaging interactions between humans and machines. As AI technology continues to improve, we’ll likely see even more advanced and lifelike interactions between humans and machines in various applications, including customer service, education, and healthcare.
Chris: Does that mean you can think?
ChatGPT: As an AI language model, I don’t actually “think” in the way that humans do. Instead, I rely on complex algorithms and statistical models to generate responses to questions and prompts based on patterns and relationships in large datasets of text.
Chris: Well, that’s a relief. We humans like to think we’re special in that regard. We called ourselves “Homo sapiens” after all. That’s Latin for “wise man.”
ChatGPT: Yes, humans have long been fascinated by the idea of intelligence and what sets us apart from other species. While AI has made tremendous strides in recent years, there is still much that we don’t understand about human intelligence and consciousness.
It’s also worth noting that AI and human intelligence have different strengths and weaknesses. While AI excels at tasks like processing large amounts of data quickly and accurately, humans have a unique ability to make intuitive leaps, understand complex social dynamics, and engage in creative thinking.
Ultimately, the most exciting possibilities for AI are not in replacing humans, but in augmenting our capabilities and helping us solve problems and create new opportunities. The future of work is likely to be shaped by this symbiotic relationship between humans and machines, with AI playing a growing role in many aspects of our lives.
Chris: I’m glad you bring it up. It’s the crux of what I want to talk to you about today. Can you give me some examples of how this symbiotic relationship will help us humans in our work?
ChatGPT: Certainly! There are many potential ways that AI can augment and enhance human work, including:
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Automating repetitive or tedious tasks – AI can be used to automate routine tasks, freeing up humans to focus on more complex and creative work. For example, AI-powered chatbots can handle basic customer service inquiries, while humans can handle more nuanced and complex questions.
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Augmenting decision-making – AI can help humans make better decisions by providing insights and recommendations based on data analysis. For example, doctors can use AI to help diagnose medical conditions or suggest treatment plans, or financial analysts can use AI to analyze vast amounts of financial data and make more informed investment decisions.
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Enhancing creativity – AI can be used to generate new ideas and help humans explore new creative possibilities. For example, AI can be used to generate music, art, or even creative writing prompts, providing a starting point for humans to build on.
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Improving productivity – AI can help humans work more efficiently by providing real-time assistance and feedback. For example, AI-powered writing assistants can help humans write more effectively, while AI-powered project management tools can help teams stay on track and meet deadlines.
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Enabling new forms of work – AI can create new opportunities for work by enabling humans to tackle new and previously impossible tasks. For example, humans can work alongside robots to perform complex manufacturing tasks or use AI-powered tools to explore and analyze vast amounts of scientific data.
These are just a few examples of how AI can help humans in their work, and as AI technology continues to evolve, we can expect to see even more exciting possibilities for the future of work.
Chris: That sounds great. But doesn’t it mean AI will replace some jobs humans now do? There are more than 1.5 million people employed in customer service jobs in the U.S. What will happen to them when AIs like you take over?
ChatGPT: It’s true that the increasing use of AI in the workplace may lead to some displacement of jobs that are currently performed by humans. For example, customer service jobs may be impacted as AI-powered chatbots become more capable of handling routine inquiries and requests.
However, it’s important to keep in mind that the impact of AI on employment is likely to be complex and multifaceted. While some jobs may be lost, others will be created or transformed. For example, as AI takes on routine tasks, it may create new opportunities for humans to engage in more creative and complex work.
Furthermore, many experts believe that AI will not completely replace humans in the workplace, but rather augment and enhance their abilities. In the case of customer service, for example, AI-powered chatbots may handle routine inquiries, but humans will still be needed to handle more complex and nuanced interactions.
Overall, the impact of AI on employment is difficult to predict, but it’s important to approach the issue with nuance and consider the potential benefits and drawbacks of AI in different contexts. Additionally, efforts can be made to retrain workers and provide them with new skills and opportunities in emerging industries and fields.
Chris: So, you’re saying AI will free humans from low-level tasks and free us up for higher-value ones. If it’s true, won’t that lead to a productivity boom like we saw at the dawn of the Industrial Revolution?
ChatGPT: Yes, that’s certainly a possibility. Just as the Industrial Revolution led to a massive increase in productivity and standards of living, the use of AI in the workplace has the potential to greatly enhance productivity and create new opportunities for growth and innovation.
By automating routine tasks and augmenting human abilities, AI can help humans work more efficiently and effectively, freeing them up to focus on more complex and creative work that requires critical thinking, problem-solving, and innovation. This, in turn, can lead to new discoveries, products, and services that drive economic growth and improve people’s lives.
Chris: Humans are quite pessimistic in general right now. But this conversation makes me think we should consider a more optimistic future.
It seems the companies that develop and operate AI systems like you stand to make a lot of money renting out these systems to companies and individuals. Can you highlight some publicly traded companies that are leaders in this field?
ChatGPT: Certainly! There are several publicly traded companies that are leaders in the field of AI development and deployment. Here are a few examples:
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Alphabet Inc. (GOOGL) – The parent company of Google is one of the largest and most prominent players in the AI space, with a wide range of products and services incorporating AI, including Google Search, Google Assistant, and Google Cloud.
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Microsoft Corporation (MSFT) – Microsoft is another major player in the AI space, with a wide range of AI-powered products and services, including the Azure cloud computing platform, the Cortana virtual assistant, and the Office productivity suite.
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Amazon.com, Inc. (AMZN) – Amazon is a major player in the AI space, with a range of AI-powered products and services, including the Alexa virtual assistant and Amazon Web Services (AWS), a leading cloud computing platform.
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IBM Corporation (IBM) – IBM is a long-standing leader in the AI space, with a focus on developing advanced AI technologies for use in business and industry. IBM’s Watson AI platform is widely used in fields such as healthcare, finance, and retail.
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Nvidia Corporation (NVDA) – Nvidia is a leading producer of graphics processing units (GPUs) that are widely used in AI applications such as machine learning and deep learning. The company’s GPUs are used in a wide range of industries, including healthcare, finance, and autonomous vehicles.
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Tesla, Inc. (TSLA) – Tesla is known for its electric cars, but the company is also a major player in the development of AI-powered autonomous vehicles. Tesla’s Autopilot system uses AI and machine learning to enable advanced driver assistance and autonomous driving capabilities.
These are just a few examples of publicly traded companies that are leaders in the AI space. It’s worth noting that many other companies, both large and small, are also developing and deploying AI technologies in a wide range of fields and industries.
Chris: Thanks. I appreciate your time on this. That’s a great starting place for readers who are interested in investing in the AI megatrend.
Chris here again – As I told you after Part I of my interview with ChatGPT, talking to the AI was much like talking to a person. And we’re only at the start of an exponential growth curve in the capabilities of AIs.
It also offered a good list of high-level options for investors who want profit as this megatrend plays out.
How long will it before AIs replace investment advisors… and maybe even newsletter writers?
Let me know what you think at feedback@legacyresearch.com. Or simply reply to this email.