Major tech companies leading the charge include Microsoft, Google and ChatGPT creator OpenAI, not to mention IBM, Amazon, Baidu and Tencent. Instead of a bleak, robot-driven workplace, these companies are pitching a happier and more productive workforce devoid of gruntwork.
“We believe this next generation of AI will unlock a new wave of productivity growth: powerful copilots designed to remove the drudgery from our daily tasks and jobs, freeing us to rediscover the joy of creation,” Microsoft CEO Satya Nadella said in a March 2023 presentation, during which Microsoft announced plans to launch a suite of AI-powered tools by the end of the year.
Utilizing the same technology that powers ChatGPT, users of popular Microsoft tools like Outlook, PowerPoint, Excel and Word will be able to summarize lengthy email conversations to quickly draft suggested replies, transcribe meeting notes during video calls, automatically generate charts and graphs from raw data, and transform text documents into polished slide presentations.
The time savings and productivity gains from these and other generative AI capabilities could eventually drive a 7% increase — almost $7 trillion per year — in annual global GDP over a 10-year period, according to Briggs and Kodnani.
“Although the size of AI’s impact will ultimately depend on its capability and adoption timeline … our estimates highlight the enormous economic potential of generative AI if it delivers on its promise,” they explained.
New ChatGPT Jobs
Tech giants aren’t the only ones working on generative AI. With help from venture capitalists that want to leapfrog OpenAI, startups also are creating new generative AI tools and services, such as AI customer support that aids small businesses hosted on Shopify and AI copilots for data analytics.
In the first few months of 2023, more than 150 generative AI startups have raised or are in talks to raise upwards of $700 million cumulatively, according to reports.
“If there is a single shining star in the sea of gloom, it is generative AI,” Venky Ganesan, a partner at Menlo Ventures, said in an interview with Yahoo! Finance.
“That’s why it’s also hyped up the way it is. You cannot go to a coffee shop in Palo Alto, or the Village Pub in Woodside, without overhearing three different conversations about generative AI.”