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GenAI use maturing rapidly, its impact on tech services, and strategies to beat the bots

Explore how AI shapes jobs, tech services, and innovation, with insights from Accenture’s earnings, OpenAI’s Sam Altman, and strategies to thrive in an AI-driven world.

Author

Malcolm Frank, CEO
September 30, 2024

A Note from Malcolm

“We overestimate the impact of technology in the short-term and underestimate the effect in the long run.”  Yes, Amara’s Law (often attributed to Bill Gates) has been in full force with AI.  

Over the past several months something quiet, and deeply important, has been going on: GenAI is pivoting out of the hype phase and into the implementation phase. This is demonstrated by two key indicators:

  1. Corporations are getting serious about building their AI tech foundations: as indicated by Accenture’s earnings, client spending on AI grew ninefold in the past year, including a “deluge of spending” on core IT and data modernization, and 

  2. Job losses driven by AI are mounting in earnest, particularly in customer support, marketing and software development.  Some of these manifest as direct layoffs (which increased significantly in August), but most are occurring in secondary markets (e.g., contractors) and limited hiring.  

In other words, the AI movement is now transitioning from its concentration with chip makers and LLM providers to the overall economy.

This company had $1 billion in quarterly AI bookings — and it’s not a chip maker

Accenture already has 57,000 AI employees and plans to add 23,000 more over the next couple of years.

Bain: How AI is changing the game in tech services

Tech service providers are using generative AI to operate and deliver better; leaders use this technology to help customers reinvent and innovate.

OpenAI CEO Sam Altman declares we could have superintelligence 'in a few thousand days'

"In the next couple of decades, we will be able to do things that would have seemed like magic to our grandparents."

Big read of the week: When will AI out-think humans?

David Gilmore compares the volume of thought between AI and humans. 

How to best prepare for the AI jobs apocalypse

Companies are turning to AI to boost profits – and it's working.

Strategies to beat the AI bots

Whether the risks to jobs is real or not, it behooves us all to act like it is given how consequential the costs could be

Harvard: AI can (mostly) outperform human CEOs

Study finds AI is better than CEOs at day-to-day tasks, but humans deal better with black swan events. 

73% of AI pros are looking to change jobs over the next year

Tech professionals bruised by a sour job market remain optimistic, but they aren't completely sold on the use of generative AI in the workplace.

Job losses pile up at Bay Area tech companies after reckless hiring frenzy

An overall drop of 1% in August alone. 

Leaders expect AI innovation to cause job displacement

3 out of 4 CXOs expect significant job automation, and 4 out of 5 note companies that don’t invest in AI will be at a competitive disadvantage. 

Tool of the Week: Mabl

AI-native platform automating software testing.

Volkswagen gears up for in-car AI assistant

VW partners with Google to provide drivers with “intuitive access to critical vehicle information and services” that are specific to the car model.

In case you were afraid to ask…

23 key GenAI terms and what they really mean

How agents are redefining AI

Is the industry’s center of gravity moving from large language models to small language models?

Why US tech layoffs have left Indian workers on H-1B visas in a tough spot

YTD over 438 tech companies have laid off about 137,500 employees. Many Indians on H-1Bs are suddenly vulnerable. 

And one more thing…

Ancient symbols uncovered

AI helps uncover hundreds of unknown ancient symbols hidden in Peru’s Nazca Desert.

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