ChatGPT, the artificial intelligence chatbot launched by OpenAI in November, is suddenly everywhere, and it is being asked to write everything. Search “we asked ChatGPT to write” and you get some 291 million results. As people explore what the technology can and can’t do, they have tried its virtual hand at everything from defining a taco to taking an MBA exam to creating a market-beating ETF.
Although the results have been mixed, the interest is overwhelming.
According to Reuters, two months after ChatGPT’s launch, it had more than 100 million active users and 13 million unique daily visitors, making it the fastest-growing technology in history. In contrast, TikTok took 9 months and Instagram 2.5 years to reach 100 million users.
Why has this technology captured the world’s attention so quickly? The 12.5 million-plus results that appear when you search “will ChatGPT replace my job” may help explain it.
ChatGPT and other generative AI algorithms that use deep learning models have the potential to create text, audio, images, video, computer code, and more, leading many people to wonder how the technology may transform content creation and the many jobs it supports.
Predictions range from using the technology to automate relatively simple tasks like writing emails or letters to using it to check computer code to replacing human workers altogether in areas as diverse as customer service, writing, design, programming, law, health care, and research. The technology’s human-like dialog capabilities have also been recognized for the potential to improve existing customer service tools, office assistants, and search engines.
One workplace where AI has been predicted to have an impact is newsrooms. MIT Technology Review reported that technology site CNET started using ChatGPT to write entire articles, but faced quick backlash as accusations of plagiarism forced them to run corrections. News site Buzzfeed, on the other hand, has integrated AI as a productivity tool for journalists to use in generating quizzes.
One limitation of the technology that has been pointed out by many is its potential to generate text that is persuasive, but not necessarily accurate. Sam Altman, OpenAI’s chief executive, went to Twitter to caution against putting too much trust in the current version of ChatGPT, saying that “it's a mistake to be relying on it for anything important right now. It’s a preview of progress; we have lots of work to do on robustness and truthfulness.”
Even with cautions about current limitations, the potential presented by the technology is recognized not only by users, but also the broader tech industry. In January, Microsoft announced a $10 billion deal to invest in OpenAI and recently launched a premium version of its Teams groupware that integrates AI tools. In early February, Google parent company Alphabet said that it would begin signing up users for a test of its own conversational AI chatbot known as Bard, with plans to launch publicly in the coming weeks. Other large tech players including Apple, Meta, Snap, and Chinese-owned internet company Baidu are all actively at work on chatbot technology.
Investor interest in generative AI also extends beyond these large players. Research from CBInsights showed equity funding of more than $2.6 billion across 110 deals in 2022. By 2030, the generative AI market is expected to be worth more than $109 billion, according to a new report by Grand View Research, Inc.
Whether generative AI technology ends up replacing people’s jobs in significant ways, is used as a tool for enhancing work, or some combination of the two remains to be seen. But as you keep up with the changes and opportunities presented by this fast-moving technology, FundVisualizer® can be a valuable resource.
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Putnam Retail Management.