The hype surrounding generative Artificial Intelligence should be taken with a grain of salt. Nvidia, a US software company, has seen a booming share price, with a valuation close to $1 trillion, and investors are scrambling to find the best way to invest in AI. Bill Gates has claimed AI is as important as the personal computer, the internet, and the mobile phone. However, there are concerns regarding its impact on job loss, with 4,000 jobs lost in the US in May due to AI replacing human tasks.
Some experts also claim there is a possibility of human extinction if AI is not properly regulated. British PM Boris Johnson has pitched for AI to play a key role in innovation, and the UK will host the first AI global regulation summit in autumn.
Despite the hype, AI has practical uses due to the combination of increased computing power and comprehensive databases. Computers can identify trends, spot solutions, and work much faster than humans. As with any technological advance, it takes time to realize its full consequences and impact on society.
AI has the potential to help service industries provide cheaper and better service more efficiently, but there will be job loss. However, experience has shown that lost jobs are often replaced with new opportunities. The real challenge is to ensure that new jobs are worth pursuing and provide higher-quality pay and opportunities.
While big tech companies such as Apple, Microsoft, and Nvidia may be seen as the leading beneficiaries in the AI market, it is difficult to predict which companies will eventually come out on top. Lastly, effective regulation will play a crucial role in maximizing the benefits of AI and mitigating negative consequences.
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