The AI Revolution: Which Professions Will Disappear Next?

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In 2022, the artificial intelligence research lab OpenAI introduced the world to its creation — ChatGPT. Following its release, OpenAI's valuation soared to $29 billion.

In 2019, OpenAI secured substantial investments, including $1 billion from Microsoft. By 2023, the company's valuation had increased even further, though it was not officially the most expensive startup.

Currently, anyone can use ChatGPT for free; however, its operation costs approximately $3 million per month. Consequently, in 2023, the company launched paid versions of its products, such as ChatGPT Plus, which offer additional features and access to models through a subscription. This move indicates OpenAI's intention to use paid versions to fund its developments.

Immediately after the launch of ChatGPT, some analysts believed that in the near future, ChatGPT would pose a serious threat to technological giants like Google, as well as many other companies in the information technology sector.

ChatGPT can already write fairly complex and original texts, create, test, and explain software code, perform multilingual translations, and much more. It can also engage in fully-fledged dialogues on any topic. ChatGPT is continually being improved and updated, so its functionality and capabilities will continue to grow rapidly.

According to many experts, the launch of ChatGPT marked the beginning of an AI boom, leading to unprecedentedly rapid development in the field of artificial intelligence.

Even now, companies are rapidly laying off their employees: not long ago, Google laid off approximately 6% of its workforce (12,000 employees), Microsoft laid off about 5% (10,000 employees), Amazon — about 6% (18,000 employees), and Meta — approximately 13% (11,000 employees), and according to analysts, this is only the beginning. The Indian company Dukaan replaced 90% of its staff with an AI chatbot, and such trends are being observed in global companies, albeit at a much slower pace.

According to an IBM report, the labor shortage is becoming an acute problem, and 25% of companies are resorting to AI implementation to address this issue. AI helps companies optimize operations and compensate for the lack of human resources.

It is expected that in 3-4 years, the AI market will reach about $500 billion. The annual growth rate of AI is projected to be 37.3% from 2023 to 2030. By 2030, AI is estimated to provide a net increase of 21% in the US GDP. Therefore, companies are either rapidly implementing artificial intelligence or actively exploring its application possibilities.

China leads in AI implementation, with 58% of companies adopting AI and 30% considering its integration. In comparison, the adoption rate in the US is lower, with 25% of companies using AI and 43% exploring its potential applications.

According to a report by Goldman Sachs, artificial intelligence could eliminate more than 300 million jobs worldwide (400 million according to McKinsey) in the coming years.

This replacement has already begun at a rapid pace, and the paradox is that it started from the top down, meaning with more intellectual professions, rather than the other way around as scientists expected. AI is not yet capable of overcoming the barriers associated with manual professions that require simple motor skills. This phenomenon is called "reverse automation." In this context, automation begins to replace highly skilled, intellectual professions before reaching low-skilled, manual jobs.

Does this mean that AI will replace intellectual workers in the near future? Theoretically, it is possible. However, this will not happen in the immediate future. Nevertheless, we must remember that a significant number of professions may indeed disappear in the coming decades, just as it happened with the advent of computers and the internet.

Should AI be perceived as an enemy to be fought against while defending our rights? No, Luddism is not a winning strategy. This development is a tool that can become incredibly useful. Will some professions disappear? Yes, this is a real possibility. Therefore, we must start thinking about ways to diversify our skills and adapt to new realities. It seems that humanity is entering a race with artificial intelligence.

That is why the investment platform Instacs offers you the opportunity to diversify the risks associated with potential job loss in the future and to launch a successful project, create your own business, or even a large unicorn company. In today's world with improved communication environments, this process will become significantly easier and faster. Join Instacs today to take advantage of innovative approaches to investing and building your business.

Autors:

• Dmytro Maksymiv — Founder and CEO of Instacs;
• Tetiana Miroshnyk — Business Analyst;
• Oleksii Ulianovskyi — Writer.

References Used:

1. dev.ua, ChatGPT — штучний інтелект, який пішов у маси. Як ним користуватися в Україні
2. youtube.com, Программисты больше не нужны? ChatGPT. Как ИИ пишет код
3. youtube.com, ChatGPT и ИИ будут у власти — Джордан Питерсон
4. Bosna info, Može li ChatGPT zamijeniti ljude? Ispite na fakultetu položio je sa desetkama
5. Business Insider, ChatGPT creator OpenAI is in talks to sell shares in a tender offer that would double the startup's valuation to $29 billion
6. The New York Times, Inside the A.I. Arms Race That Changed Silicon Valley Forever