‘Godfather of AI’ says tech giants can’t profit unless labor is replaced
Google free AI-generates ads for small businesses
‘Godfather of AI’ says tech giants can’t profit unless labor is replaced
Google free AI-generates ads for small businesses
AI to replace grunt work on Wall Street
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‘Godfather of AI’ says tech giants can’t profit unless labor is replaced
Computer scientist and Nobel laureate Geoffrey Hinton doubled down on his warnings about how artificial intelligence will affect the labor market and the role of companies leading the charge. In an interview with Bloomberg TV’s Wall Street Week on Friday, he said the obvious way to make money off AI investments, aside from charging fees to use chatbots, is to replace workers with something cheaper.
Hinton, whose work has earned him a Nobel Prize and the moniker “godfather of AI,” added that while some economists point out previous disruptive technologies created as well as destroyed jobs, it’s not clear to him that AI will do the same.
“I think the big companies are betting on it causing massive job replacement by AI, because that’s where the big money is going to be,” he warned. Just four so-called AI hyperscalers—Microsoft, Meta, Alphabet and Amazon—are expected to boost capital expenditures to $420 billion next fiscal year from $360 billion this year, according to Bloomberg.
Meanwhile, OpenAI alone has announced a total of $1 trillion in infrastructure deals in recent weeks with AI-ecosystem companies like Nvidia, Broadcom and Oracle. When asked if such investments can pay off without destroying jobs, Hinton replied, “I believe that it can’t. I believe that to make money you’re going to have to replace human labor.”....
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Google free AI-generates ads for small businesses
Finding the budget, time, and resources to properly advertise as a small-to-medium-sized business (SMB) can be a daunting task. Pomelli, an AI experiment from Google Labs in collaboration with Google DeepMind, provides AI marketing tools to assist small businesses in creating social media campaigns.
Pomelli uses AI to create campaigns that are unique to your business; all you need to do is upload your business website to begin. Google says Pomelli uses your business URL to create a “Business DNA” that analyzes your website images to identify brand identity. The Business DNA profile includes tone of voice, color palettes, fonts, and pictures. Pomelli can also generate logos, taglines, and brand values.
After you’ve created a Business DNA, Pomelli generates ad campaign ideas. In a blog post, Google says this feature eliminates the laborious process of brainstorming unique ad campaigns. If users have their own campaign ideas, they can enter them into Pomelli as a prompt.
Finally, Pomelli will generate marketing assets for social media, websites, and advertisements. These assets can be edited, allowing users to change images, headers, fonts, color palettes, descriptions, and create a call to action. Pomelli is available as a public beta experiment in the US, Australia, Canada, and New Zealand in English only....
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AI to replace grunt work on Wall Street
Pulling all-nighters to assemble PowerPoint presentations. Punching numbers into Excel spreadsheets. Finessing the language on esoteric financial documents that may never be read by another soul. Such grunt work has long been a rite of passage in investment banking, an industry at the top of the corporate pyramid that lures thousands of young people every year with the promise of prestige and pay.
Until now. Generative artificial intelligence — the technology upending many industries with its ability to produce and crunch new data — has landed on Wall Street. And investment banks, long inured to cultural change, are rapidly turning into Exhibit A on how the new technology could not only supplement but supplant entire ranks of workers.
The jobs most immediately at risk are those performed by analysts at the bottom rung of the investment banking business, who put in endless hours to learn the building blocks of corporate finance, including the intricacies of mergers, public offerings and bond deals. Now, A.I. can do much of that work speedily and with considerably less whining.
“The structure of these jobs has remained largely unchanged at least for a decade,” said Julia Dhar, head of BCG’s Behavioral Science Lab and a consultant to major banks experimenting with A.I. The inevitable question, as she put it, is “do you need fewer analysts?”….