Last Monday the Trump Administration hindered China’s research on AI by banning 6 Chinese companies working with AI from doing any business with U.S. AI firms.
Despite this, a large Chinese telecom company called Huawei announced its prediction that soon 81% of business processes will be automated by AI. If this is true, many jobs could be lost.
Wells Fargo claims that they will cut over 200,000 jobs in the next decade by switching over to AI technologies. Some of the banking industry has already started to add AI technologies into they processes, like chatbots that aim to help customers with issues they are having. These bots seem so human many people don’t know they aren’t in fact messaging another person.
On the flip-side, some think that AI will lead to job growth. With this rise in tech, someone has to implement these new technologies and program them. This could lead to a rise in jobs in programming, high-performance computing (HPC) administrators and data sciences.
AI is still imperfect and in desperate need of ethical guidelines so that we get the most benefit out of it as possible. Will the future of business in America be run by robots, or will we see major economic growth with job creation we can all benefit from? Only time will tell.
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