Artificial Job Creation

Artificial Job Creation

Despite all the claims and estimates that artificial intelligence will lead to a surge in layoffs, new reports have found entire markets that have been created directly from AI models. Intermediary company Prolific has set its sole purpose to connect AI developers with research participants, with compensation for those who attempt to test and review any AI tools thrown their way. For most AI development, both the inputs each model receives as well as the output that is generated need guidance from humans, creating markets for companies that want to outsource their reviewals. In its startup phase, Prolific has already raised over $32 million in funding from a variety of investors such as Oxford Science Enterprises and Partech. As of now, Prolific advises developers to pay participants a wage ranging anywhere from $12 to $8.

In line with the doomsayer perspective of a post-AI job market, Morgan Stanley has forecasted that 300 million jobs across the world will be jeopardized by AI, specifically jobs that are easily automated and require hard skills. As opposed to this perspective of mass layoffs, several believe AI will lead to a transition of job demand and creation, similar to what was true in the past four industrial revolutions. Markets such as AI reviewers will be created, while other markets will decline in the process. Hopefully, as AI begins to take over the dominant tech industry, this trend of job creation will only accelerate as new products and services continue to be made.

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Market Recap December 1st

On Fridays trading day, markets closed slightly higher as investors pushed the S&P to close at its highest level for 2023.

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