Nvidia makes the picks for the gold miners. At it's latest earnings,"Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demand" (CNBC)
But for the applicators of AI, there seems more uncertainty right now as to which corporates will be the big winners, which is probably good for job creation to come. The recent leak purportedly from Google reaches a similar conclusion: “The barrier to entry for training and experimentation has dropped from the total output of a major research organization to one person, an evening, and a beefy laptop.”
Simple tasks for lawyers, accountants, communication specialists and software developers seem an obvious application of AI. But does it remove the need for the job, or make it more productive?
As the economist points out "Countries with the highest rates of automation and robotics, such as Japan, Singapore and South Korea, have the least unemployment." This may be partly down to the reality that technological change actually takes a long time to fully roll out. And in that time, as productivity rises, new activities are found to focus on.
"A paper published in 2020 by David Autor of mit and colleagues offered a striking conclusion. About 60% of the jobs in America did not exist in 1940. The job of “fingernail technician” was added to the census in 2000. “Solar photovoltaic electrician” was added just five years ago. The ai economy is likely to create new occupations which today cannot even be imagined." (The Economist)
In fact, it's scary where our time could now be spent in escalating the power to litigate... "In an ai-heavy world lawyers will multiply. “In the 1970s you could do a multi-million-dollar deal on 15 pages because retyping was a pain in the ass,” says Preston Byrne of Brown Rudnick, a law firm. “ai will allow us to cover the 1,000 most likely edge cases in the first draft and then the parties will argue over it for weeks.” A rule of thumb in America is that there is no point suing for damages unless you hope for $250,000 or more in compensation, since you need to spend that much getting to court. Now the costs of litigation could fall to close to zero."
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