Terrifying forecast for Bank of America: Artificial intelligence affects 300 million jobs

Goldman Sachs, the American investment company, has announced in an analytical note the possibility of artificial intelligence affecting 300 million jobs. Recent advancements in the field of artificial intelligence have caused people to be concerned about job security, and as it seems, this concern is completely justified. Goldman Sachs, the large American investment company, has said in a new report that generative artificial intelligence technology will affect more than 300 million jobs.

Goldman Sachs managers wrote in a note addressed to investors that if the promises of generative artificial intelligence are realized, a “significant disruption” in the labor market will occur. According to Goldman Sachs, two-thirds of jobs in the United States are susceptible to automation based on AI systems, and more than 50% of the tasks of these jobs can be replaced by artificial intelligence.

Analysts believe that despite the extensive effects of artificial intelligence on the labor market, most jobs and industries are to some extent subject to automation, therefore it is predicted that artificial intelligence will complement them rather than replace them. It is possible that ultimately, 7% of jobs in the United States will be completely replaced by artificial intelligence, 63% will benefit from artificial intelligence as a complement, and 30% will not be affected by artificial intelligence.

Goldman Sachs says that generative artificial intelligence, which has the ability to produce all kinds of content, represents ‘a great leap with potentially large effects on the overall economy.’ Widespread use of AI could increase the final value of goods and services worldwide by seven percent over the next 10 years.

The generative AI technology has been heavily publicized since the launch of ChatGPT in late 2020. ChatGPT is a powerful chatbot that can write text, poetry, and code. Microsoft has used the technology used in ChatGPT to enhance some of its services, such as the Bing search engine.

The explosive growth of ChatGPT has led some of the largest technology companies to heavily invest in this field. Microsoft invested $10 billion in the company behind ChatGPT, and Google prioritized its AI projects at the highest level.

In a new note, Goldman Sachs referred to a study demonstrating that 60 percent of today’s jobs did not exist in 1940. The company states that one quarter of all work tasks performed in the United States and Europe could be accomplished by artificial intelligence.

In America, administrative, legal, architectural, and engineering jobs are at the greatest risk of automation. Jobs with less exposure to AI include cleaning, installation and repair of products, and construction work.