Posted on 03/17/2016 9:30:09 AM PDT by SeekAndFind
Artificial intelligence is poised to automate lots of service jobs. The White House has estimated there's an 83% chance that someone making less than $20 a hour will eventually lose their job to a computer. That means gigs like customer-service rep could soon be extinct. But it's not just low-paying positions that will get replaced. AI also could cause high-earning (like top 5% of American salaries) jobs to disappear.
Fast.
That's the theme of New York Times reporter Nathaniel Popper's new feature, "The Robots Are Coming for Wall Street."
The piece is framed around Daniel Nadler, the founder of Kensho, an analytics company that's transforming finance. By 2026, Nadler thinks somewhere between 33% and 50% of finance employees will lose their jobs to automation software. As a result, mega-firms like Goldman Sachs will be getting "significantly smaller."
That's because Kensho does analytics work — previously an artisanal skill within Wall Street — at high speeds. Instead of sorting through news clippings to create a report, Kensho generates them from its database of finance analytics — essentially doing the work of researchers and analysts algorithmically.
Type in "Syrian Civil War" into Kensho and you'll get a number of data sets showing how major assets like oil and currencies reacted to events in the conflict, Popper reports. The minutes-long search "‘would have taken days, probably 40 man-hours, from people who were making an average of $350,000 to $500,000 a year," says Nadler.
Goldman is actually a huge investor in Kensho. It will be interesting, to say the least, to see how that investment pays off.
When speaking with Tech Insider about Google's huge AI victory in the game of Go, Brown University computer scientist Michael L. Littman explained that in any game with fixed rules, computers would win.
(Excerpt) Read more at businessinsider.com ...
It is still very hard to outsource or automate a plumber or electrician..
So glad we went from a manufacturing country to a service industry country, aren’t you?
Never mind AI.
They’ll replace you with 4 Indians who cost 10% each of what you earn. They’ll think “it’s good enough”.
Technology and the drive for automation will prove to be the bane of our society. Mark my words.
Man, I'm in the wrong profession.
When I retired in 2014, Indian workers were at 60% of US salaries, fully loaded, for comparable skills.
Just one EMP...
Ping.
Wealth is created by mining it, refining it, manufacturing it, or growing and harvesting it.
Mexicans taking the lowe wage jobs, Asians taking the high paid jobs.
This is GREAT! Americans are free to....well...free to create new jobs! Yeah, that’s the ticket! New jobs, so more foreigners can have those too!!!
Boy, we’ll all just lay on the beaches or go hiking. Man, no more working for us!
This doesn't even address the issue of technology and transhumanism. That's even scarier than automation.
The jaws of the “Technology Trap” get tighter and tighter.
It is still very hard to outsource or automate a plumber or electrician..
Also, good carpenters, painters, and contractors to help coordinate these skilled workers.
Same with good head chefs and sous chefs, winemakers and their cellar masters.
Good independent auto repair shops with good licensed repair people.
Amazingly, none of the skills above, require a college degree.
In fact, many worthless degree holders can be real negatives in the above fields.
Type in “Syrian Civil War” into Kensho and you’ll get a number of data sets showing how major assets . . .
= = =
Well, I dare you to type in “Trump as President”
If the computer doesn’t blow, type in “Hillary as President”
You used the word ‘good’ too many times.
I am micro-aggressed against.
Computers don’t poop, eat, or care if their building is painted.
We just need to knock off the parasite humans.
Old great one.
Please help me!
That appears to be the goal of the rats and the GOPe!
Donald Trump will protect those high paying jobs by imposing a 45% tariff on AI.
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