The rise of AI is also impacting job security, particularly for entry-level workers in Wall Street corporations. AI's potential to augment or replace entire workforces is causing concerns, with Goldman Sachs insiders discussing reducing analyst staffing. In response to these concerns, tech giants like Cisco, Google, Microsoft, and IBM formed the AI-Enabled ICT Workforce Consortium to examine AI's impact on jobs and offer training. However, the effectiveness of this industry-led solution is yet to be seen.
Key takeaways:
- Global investment in AI fell significantly in 2023, with AI-related mergers and acquisitions falling 31.2% and private investment falling from $103.4 billion to $95.99 billion.
- Despite the overall decline, some AI ventures received large funding, including Microsoft's purchase of key personnel from Inflection AI for $650 million and Amazon's billion-dollar investment in Anthropic.
- Wall Street corporations are considering using AI to help or replace entry-level workers, raising concerns about job security in the financial sector.
- Tech giants like Cisco, Google, Microsoft, and IBM formed the AI-Enabled ICT Workforce Consortium to examine AI's influence on jobs and offer training, though the effectiveness of this initiative is yet to be seen.