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Goldman Sachs Reports 300 Million Will be Lost Due to AI

To the recent grad's who spent most of college wearing a mask and are now entering the workforce head-on into a recession. We have more good news, first job may be in jeopardy. Kidding.. Hopefully.

The Investment Bank Goldman Sachs is predicting a rapid automation of tasks usually done by junior level roles. Tasks completed quicker than their human counter-parts this automation for companies means increased productivity (robots don't take lunch breaks) and cost-saving. Generative AI is producing content that is undetectable to the human eye whether it was done by AI or not. Goldman reports a potential disruption of the entire economy.

Using data on occupational tasks from both the US & Europe GS found that roughly 2/3rds of current jobs are exposed to automation. That at this point in time generative AI could substitute for 1/4th of all work.

Globally over time in total replacing 300 million jobs.

The Silver-Lining

The hope that as with new things that disrupts jobs, that they also creates new ones. In years prior new tech has created just as many jobs as disrupted. Which is the underlying factor as to why long-term employment growth is possible through innovation.

If generative AI is can raise productivity growth while creating new jobs the economically could significantly benefit. GS estimates an eventual global GDP increase of 7% annualized thanks to AI automation.

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