AI will Create More Jobs Than There are People

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 THE WEEKLY NEWSLETTER OF AIM.  Monday, May 13, 2024 | Was this email forwarded to you? Sign up here  By Amit Raja Naik   A simple LinkedIn search for ‘artificial intelligence' in India throws up 12,800+ jobs, and Glassdoor lists out over3,200 jobs – massive – given thatthere is only an active pool of approximately 2,000 senior AI engineers, who are actually building core AI products and services in the country.   So, what are these numbers saying, anyway? The answer to this led us to the ‘Jevons Paradox’, which was first observed in the 1860s by the English economist, William Stanley Jevons, in his bookThe Coal Question.    As steam engines became more efficient, people did not use less coal, as one might expect; instead, they used more of it. This increase in coal usage occurred because the more efficient steam engines lowered operational costs, enabling more widespread and intensive use of the engines.   Similarly, as generative AI gets more efficient, we might use it more–and not less–expanding its uses far beyond what was originally intended.   “We keep thinking of each technology as displacing work. One of the things that is probably going to happen is it will create more jobs for people than we have people,”saidGroq chiefJonathan Ross in a recent interview with SafeGraph CEOAuren Hoffman, adding that “there will suddenly be a lack of supply of people to do things”.  Citing the increase of graphics in news articles, he said that as generative AI simplifies tasks, we'll likely see increased human activity across various tasks. “There's always going to be someone who's going to be more entrepreneurial and figure out a way to monetise and get a whole bunch of people working on it,” said Ross.   Industry insights: According to the WEF, AI will create over97 million new roles and displace 85 million jobs by 2025. As per the Future of Jobs Report 2023, there will be a nearly 40% jumpin the number of AI and machine learning specialists by 2027, a 30-35% rise in demand for roles such as data analysts and scientists or big data specialists, and a 31% increase in the demand for information security analysts.   Check out the impact of generative AI across industries below:  The Future of Jobs   “The world just needs a lot more code than we have people to write right now,” declaredOpenAI chief Sam Altman, saying, “You hear a coder say I’m like 2-3x times more productive,” rather than the other way around. He believes that AI is going to have a significant impact on how people are going to do jobs rather than job dislocation or replacement.   In a recent study, AI researchers predictedthat there is a 50% chance that AI will be capable of achieving several milestones by 2028. This includes autonomously constructing a payment processing site from scratch, creating chartbusters indistinguishable from a popular musician’s album, and autonomously downloading and fine-tuning a large language model.  It’s only a matter of time before new job roles will be added across the spectrum. Surprisingly, we are already seeing that happen (see below).  Where are all the People?   India has the world's second-largest developer ecosystem, with nearly5 million software engineers. This explains why most companies are expanding into the countryand setting up their back offices here.   Recently,NVIDIAchiefJensen Huang lauded Indian engineers, saying they are poised to lead the AI revolution with their rapid reskilling abilities, moving from backend IT roles to front-room positions where critical value is generated.   Nandan Nilekani, touted as India's CTO, also echoed similar views when he said that India’s path in AI seems different, and the focus should be on building AI use cases that will reach every citizen.   “We are not in the arms raceto build the next LLM; let people with capital, let people who want to pedal ships do all that stuff… We are here to make a difference, and our aim is to put this technology in the hands of people,” said Nilekani.   BesidesIndian IT upskilling thousands of employeesin generative AI, severalAI and data science-focussed instituteshave been mushrooming to cater to the demand for AI professionals in India and globally.   So far, the top three Indian IT firms—TCS, Infosys, and Wipro—have trained a whopping 825,000 employees in generative AI. Also, about1,300 colleges in the country offer full-time AI and machine learning courses.  India is positioned perfectlyto fuel the generative AIrace.  Top Stories of the Week >>   Companies Without a Chief AI Officer are Bound to F-AI-L With generative AI gaining momentum, there’s a growing debate around the need for a chief AI officer (CAIO) in enterprises. Experts suggest that companies lacking a CAIO are less likely to succeed in the long run and may fall prey to the ongoing AI hype, losing significant money. Notably, several companies from the West, including Snowflake, Deloitte, Accenture, SAP, Intel, and Dell, have already appointed CAIOs.  Read the full story here.   Small Indian IT Firms Take the Acquisition Route While larger IT firms likeTCS, Infosys, andWiproinvest heavily in upskilling and reskilling their existing employees, smaller and midsize IT firms are taking the acquisition route to enhance their capabilities in generative AI. Surprisingly, the numbers are bigger than the larger IT firms. Notably, companies like Happiest Minds, Mphasis, GlobalLogic, and Sonata have also made acquisitions in the last two quarters.  Check out the full story here.  People & Tech >>   DuxData’s Data Leadership & Strategy Course Prepares Data Pros for the AI Era The need for skilled data professionals who can bridge the gap between data science and business strategy has hit an all-time high. Identifying this need, Numan Karim,started DuxData, a pioneering course designed to equip data professionals with the necessary leadership, strategy, and communication skills to navigate the complexities of modern data science and AI integration within organisations.  Check out their journey here.  Bhavish Aggarwal Questions Future of Social Media in Walled Gardens  Amid controversies,Ola chief Bhavish Aggarwal's recent decision to build digital public infrastructure (DPI) for social media and the future of AI is starting to make a lot more sense, raising questions about online conversations and the impact these advanced AI systems have on users and their opinions. Read more here.   AI Explained >>   Open Source Ya Closed Source  In the latest episode of Analytics India Guru, AIM exploresthe differences between open-source and closed-source software, discussing their histories, how they work, their impact on the software industry, and how companies choose between these models.  Data & AI Events >>   Rakuten Product Conference 2024   Rakuten India, in partnership with AIM, is hosting the fourth edition of the Rakuten Product Conference (RPC) '24, themed 'Innovation Reimagined: Enterprise SaaS & AI', as a virtual event on May 21-22, focusing on Enterprise SaaS and AI for data scientists and innovators globally.  Register now!  AI Nuggets >>   Apple's latestiPad Pro with the M4 chipboasts a 60x improvement in its Neural Engine, enabling 38 trillion operations per second forsuperior AI task performanceand advancing user interaction features. Ahead of the Apple Vision Prolaunch in India, doctors from Chennai performedmore than 30 surgeriesusing the mixed-reality device.  Google DeepMind, in collaboration with its subsidiary Isomorphic Labs, has introducedAlphaFold 3, a new AI model capable of predicting the structure and interactions of all biological molecules, including proteins, DNA, RNA, and ligands.  MongoDB hasannounced a partnership with Google Cloudto optimise Google Code Assist, an AI-powered coding assistant, to enhance the application development and modernisation of MongoDB. Microsoftrecently purchased 48 acres of landin Hyderabad, worth INR 267 crore, with plans to expand its data centre business in India.  Microsoft and OpenAI establisheda $2 million Societal Resilience Fundto combat AI-generated misinformation and enhance voter education during global elections, reinforcing their commitment to safeguarding democracy. OpenAI recentlyjoined the Coalition for Content Provenance and Authenticity (C2PA) as a steering committee member, collaborating with industry leaders like Adobe to enhance digital media transparency by adopting Content Credentials. Stack Overflow andOpenAIannounced a partnershipto combine the strengths of Stack Overflow’s knowledge platform for technical content with OpenAI’s models, such as GPT-4. OpenAI is gearing up to make somemajor announcements today. Sources reveal that it is likely to release anAI voice assistantthat enables a human-like interaction with better logical reasoning capabilities and reduced latency, mostly powered byGPT-4-Lite, GPT-4-Auto, and GPT-4-Lite-Auto. Sam Altman recentlyproposed ‘Universal Basic Compute,’ which would give everyone access to a portion of GPT-7’s computing resources. IBM recentlyreleaseda family ofGranite code modelsto the open-source community, aiming to simplify coding for developers across various industries.  Ciscounveiled AI-native cybersecurity innovations, enhancing its Security Cloud with advanced identity risk assessment and response capabilities.  Bumble plans tolaunch an AI dating conciergeto help users discuss insecurities and navigate breakups.  SoundHound AI, a voice artificial intelligence company, haspartnered with Perplexity AI, a conversational AI-powered answer engine, to integrate Perplexity’s online LLM capabilities into SoundHound Chat AI. Sepp Hochreiter, the inventor of LSTM, hasunveileda newLLM architecturefeaturing a significant innovation: xLSTM, which stands for Extended Long Short-Term Memory. Ola Krutrimrecentlylaunchedits first LLM, Krutrim-7B-chat. This new model is trained in 10 Indian languages and isavailable for free on Databricks Marketplace.  Sridhar Vembu of Zohobacks Ola CEO Bhavish Aggarwal in criticising LinkedIn and Microsoft for 'wokeness,' as Aggarwal pushes for an Indian social media platform and plans to migrate Ola’s operations from Azure. 3AI and SML announced the launch of ‘Hanooman‘, India’s largest multilingual and affordable GenAI platform, available in 98 global languages, including 12 Indian languages. Chennai-based startup HaiVE, known for creating the first AI university professor, announced the launch of HaiVE AI Studio, a personal AI home studio that manages and analyses private data to create a digital twin of users' lives. Pure Storage and Red Hatannouncedan optimisation for Portworx on Red Hat OpenShift to enable streamlined integration and provide enterprises with a more seamless path to modern virtualisation. Tata Communications recently unveiled a fully automated edge computing platform called CloudLyte, designed to empower future-ready enterprises to thrive in a data-driven world. Mindgrove Technologies, a fabless semiconductor startup supported by Peak XV Partners, has unveiled India’s inaugural commercial high-performance SoC (system on chip) dubbed Secure IoT. 

                                                           

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