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Major disruptions from A.I. could impact these industries.

These industries could face major disruptions from A.I.

These industries could face major disruptions from A.I.

Late in 2022, ChatGPT was launched, introducing a new era of technological innovation that Wall Street has likened to the launch of the iPhone in 2007. Within two months of its debut, the generative artificial intelligence reportedly gained 100 million users, with Alphabet and Microsoft among the companies poised to capitalise on the AI revolution. Goldman Sachs forecasts the technology could generate $7tn in global economic growth over the next decade. But the nearly 50% sell-off in US online education provider Chegg has raised concerns over negative impacts of AI on business models. Here is a breakdown of the areas most likely to be disrupted, and those that stand to benefit from AI:

FAQs

What is ChatGPT?
ChatGPT is a generative artificial intelligence that was launched in late 2022. Within two months, the platform reportedly gained 100 million users.

Which companies stand to benefit from AI?
Companies such as Alphabet and Microsoft have been dubbed the big AI winners, while chipmakers creating the tools underpinning large language models have experienced jaw-dropping stock surges. Wall Street predicts AI could generate $7tn in global economic growth over the next decade.

What are the risks posed by AI?
Not every sector will benefit equally from AI. The nearly 50% sell-off in online education provider Chegg has raised serious concerns over the negative impacts of AI on business models.

Which sectors face the biggest risks of disruption from AI?
Companies in the freelancing, education and music sectors are currently seen as being most at risk of disruption from AI. Freelance market AI chatbots pose significant risks to the freelancing market, while educational publisher Pearson is vulnerable to disruption from AI if some students swap textbooks or ebooks for homework-helping tools such as ChatGPT. Music labels reliant on steep royalty fees and copyright protections may also face major headwinds as AI blossoms.

Which sectors stand to benefit from AI?
Website builders and customer service and call centres stand to benefit from AI. Customers are likely to use AI rather than a human agent to answer customer service calls, while AI could democratise web building capabilities, putting more control in the user’s hands.

These industries could face major disruptions from A.I.
These industries could face major disruptions from A.I.

Major disruptions could be faced by these industries from A.I.

The launch of ChatGPT in late 2022 marked the beginning of a new era in technological innovation. This generative artificial intelligence quickly gained popularity, with reports suggesting that the tool reached 100 million users within two months of its release. The debut of ChatGPT was highly anticipated, leading Wall Street to compare its impact to that of the iPhone’s launch in 2007. Companies such as Alphabet and Microsoft appeared to be well-positioned to take advantage of the possibilities offered by AI technology. Furthermore, chipmakers that create the tools on which large language models are built experienced a surge in their stock values. Nvidia’s impressive quarterly results in the AI industry also bolstered the case for investment in the field. Goldman Sachs foresees that AI has the potential to generate over $7 trillion in global economic growth in the next decade. However, they caution that not every sector of the economy will benefit equally. The 50% sell-off of online education provider Chegg in May 2023 serves as an example of how AI is creating challenges and disrupting long-standing business models. Interest in ChatGPT reportedly surged among students, which weighed on Chegg’s new customer growth rates. This demonstrates how AI can threaten traditional sectors of the economy. The use of AI is becoming more widespread, and even companies that are not typically associated with the technology, such as manufacturers and retailers, are now adopting it. However, some industries face significant challenges from the use of AI. For example, if AI chatbots become adept at generating content, this could pose a significant risk to the freelancing market and lead to a reduction in demand for services connecting job seekers such as Upwork and Fiverr. AI can also pose a major risk to companies in the education sector such as Chegg and Pearson, whose business models are vulnerable to the disruptive impact of AI. While concerns about the impact of AI on the music industry also exist, it could provide a potential solution to some of the copyright issues that have plagued this industry for years. Companies in the website building and customer service sectors may face increased competition from AI but could also benefit from it. Overall, AI has the potential to revolutionize the economy and drive growth, but its broader impact on society and business is yet to be fully realized.

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