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ChatGPT, OpenAI’s natural language dialogue model, gained 1 million users in just five days. According to a Statista report, it took the most popular social media Instagram and Facebook 2.5 months and 10 months respectively to do so, while the streaming media Netflix took 3.5 years. This shows how quickly AI technology has permeated our lives.

Gates Predicts AI Will Take White-collar Jobs

Bill Gates, the co-founder of Microsoft, predicts that AI will take white-collar jobs. Recently, Google, Microsoft, and Amazon laid off 12,000, 10,000, and 18,000 employees respectively. Disney planned to cut 7,000 jobs out of over 220,000 employees to reduce annual costs by about $5.5 billion. Meta also planned to lay off 10,000 people this year. Some are worried that AI is already taking human jobs gradually.

Jobs that require processing large amounts of data and repetitive tasks are what AI excels at, such as automated customer service, sales, finance, fintech, and even law and healthcare sectors. Currently, jobs that require high creativity and interpersonal skills, such as art, design, psychological counseling, etc., are unlikely to be replaced by AI. How to find one’s own value in the workplace will become a question humans need to find out. Coexisting with AI also needs to be learned from primary school.

The University of Hong Kong was the first to announce a ban on students using ChatGPT or other AI tools for classes, assignments, and other assessments. Many other schools have since followed suit, actively reviewing and prohibiting students from engaging in these acts which were deemed as “plagiarism.” But have they thought asking questions and correcting answers are also a learning process? After all, AI cannot always provide correct information.

With expansive applications, AI is comparable to mobile phones and computers, both of which are an era-defining breakthrough that has completely changed human life. Tech giants worldwide are stepping up efforts for active R&D in related technologies. The high initial investments may bring growing pains for companies, but it is believed that AI will develop faster and wider than any traditional media, social platforms, and even cloud computing. Investors can look out for ETFs that track a basket of AI stocks from global internet companies.

Learn more: https://www.nikkoam.com.hk/etf