Generative AI could impact 300 million jobs says Goldman Sachs

Generative AI has been a topic of discussion in the tech world for a while now, and it seems like the impact it could have on the job market has finally been quantified. According to a new report by Goldman Sachs, generative AI has the potential to affect up to 300 million jobs, leading to significant disruption in the labor market.

Generative AI, in case you’re wondering, is a type of AI that can create new content on its own, using training data to generate text, images, and even entire videos. It’s a fascinating development, but it could also be a game-changer for the job market.

The report states that if generative AI lives up to its potential, it could automate up to two-thirds of jobs in the United States and Europe. This could lead to significant job losses in a wide range of industries, including retail, manufacturing, and transportation.

It’s not all bad news, though. The report also notes that generative AI could create new jobs in industries that don’t currently exist. For example, companies could hire AI trainers to teach machines how to create content that meets specific criteria.

But for many workers, the thought of losing their job to a machine is a scary one. The report notes that some jobs are more vulnerable than others, with low-wage and low-skill jobs being the most at risk. This includes jobs like cashiers, data entry clerks, and customer service representatives.

It’s not just low-wage jobs that are at risk, though. The report notes that even high-wage jobs like lawyers and doctors could be impacted by generative AI. For example, AI could be used to generate legal briefs or medical reports, which could save time and money for law firms and hospitals.

So what can be done to prepare for this potential disruption? The report suggests that governments and companies need to invest in retraining programs to help workers transition to new jobs. This could include programs that teach workers new skills, as well as financial assistance to help them make ends meet while they’re out of work.

The report paints a picture of a job market that is about to undergo significant change. While the impact of generative AI is still uncertain, it’s clear that workers in many industries will need to adapt to stay relevant in the coming years. Whether this change will be positive or negative remains to be seen, but one thing is for sure: it’s going to be interesting to watch.