The Devil Lies in Details

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TAUSIF ALAM & AMIT RAJA NAIK Wednesday, Jan 10, 2024 | Was this email forwarded to you? Sign up here ___________________________________________________________ Wherever layoffs happen, AI takes the blame. Recently, language learning app Duolingo fired 10% of its employees, and once again, the generative AI boom got the rap. However, from close quarters, the picture is entirely different. In the case of Duolingo, the company had hired people on contract for translation work, which it didn’t renew for 2024.  Last week, Indian fintech firm Paytm announced axing 1,000 employees, about 10% of its workforce from sales and operations. Though it was marketed in the media as the fintech company having found an alternative in AI tools which can be more productive than humans, the devil is in the details. Paytm has reportedly been in loss at least for the past two years and it’s highly likely that the layoffs were done to reduce the financial burden of the company.     Similarly, there have been instances when the companies have preferred to pass the buck on AI rather than spelling out the real issues, which may well be linked to poor finances or something else.  Experts say, there sure have been job losses due to the AI boom, but it has been exacerbated by media sensationalism, which is ready to pass the blame on the technology.  For instance, a May 2023 report from Goldman Sachs exemplifies a renewed wave of fear-driven reporting about AI. Contrary to sensationalist claims, Goldman didn't assert that AI would completely eliminate 300 million jobs, instead, it highlighted the potential automation of specific tasks within those jobs. The report underscored that automation doesn't necessarily equate to job losses, emphasising that technological advancements often lead to the creation of new employment opportunities. The problem is that in acknowledging AI's role in restructuring and job evolution, the media tends to gravitate towards clickbait and sensational headlines, which is a disservice to the tech.  While job changes are happening, people still have a chance to learn new skills. It would be a grave error to ignore/push away new technology instead of learning to use it. Read the full story here. The Wait is Over Where is the GPT Store? These questions have been doing the rounds since November last year, when OpenAI initially announced launching it that month. However, it got delayed due to internal restructuring (the Sam Altman firing episode).  The official news is that the store is going to be here this week. It aims to democratise access to advanced language models, allowing developers to build applications leveraging GPT's power. The store's potential for monetization raises expectations, with a compensation plan based on usage. However, concerns about safety and privacy, exacerbated by the OpenAI-NYU lawsuit, still persist, which prompted OpenAI to seek community input for refining privacy measures and ensuring responsible innovation in the GPT Store. Read the full story here. Low-code on High Power If low-code technology changed the coding, AI-powered low-code further transformed it. Riding high on the AI wave, a US-based low-code platform OutSystems has collaborated with major tech entities like Microsoft and OpenAI, integrating AI to boost software development. The company introduced Project Morpheus for generative AI capabilities. OutSystems aids companies like JK Cement and Magenta Mobility in transforming legacy systems, streamlining processes and enhancing user experience. The no-code/low-code market's projected growth to $12.3 billion in 2023 aligns with OutSystems' focus on AI-driven, modern application platforms, addressing global digital transformation needs.  Read the full story here. EVs Zoom on TN Highway   Tamil Nadu, recognised as a hub for auto manufacturing, is fast emerging as India's EV capital, contributing 40% to the country's EV production last year. The Global Investors Meet in Tamil Nadu attracted substantial investments, totaling over ₹6.6 lakh crore, with a significant focus on electric vehicle (EV) development.  New investments include VinFast's $2 billion commitment for an EV manufacturing plant, Hyundai's ₹6180 crore investment, and Ola Electric's ₹7600 crore plan for the world's largest EV facility. Tamil Nadu's robust automobile industry, comprising OEM and component manufacturing, aligns with its goal to become Southeast Asia's EV manufacturing hub. Read the full story here.   Register for our Upcoming Workshop - Diving Deeper into Retrieval-Augmented Generation (RAG) with Vector Databases DOWNLOAD OUR MOBILE APP Stay Connected info@analyticsindiamag.com © 2023 Analytics India Magazine

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