- AI has well and truly hit the mainstream, with startups touting its potential to disrupt almost every industry imaginable.
- There’s no doubting the power of machine learning, particularly combined with robotics, and we’re looking at some of the jobs which are more likely than others to be taken over by AI.
- AI investing apps are a particularly exciting use of machine learning, allowing regular investors to gain access to sophisticated trading strategies usually reserved for only the most wealthy.
AI is everywhere right now. It’s been slowly growing in popularity and importance, but recently it’s burst into the mainstream with a number of high profile (and very cool) projections and applications.
One of the most talked about has been the AI image generation technology such as Dall-E 2, Midjourney and Stable Diffusion. These programs use text prompts to create incredible pictures of scenes and characters which are only limited by the imagination.
One guy from Colorado even won a prize for digital art at the State Fair, with an artwork that he created using Midjourney. While there was a cash prize of $300 on offer for the win, the odd art prize here and there probably isn’t going to see AI have a major impact on the economy.
The thing is though, the uses of AI go much, much further than making pretty pictures.
We’re seeing the use of artificial intelligence grow all the time, across all different sectors of the economy. This is likely to end up with many jobs as we know them ceasing to exist. That sounds a bit doom and gloom, but the reality is that the use of AI tools and technology is likely to help free humans up to focus on more rewarding and fulfilling work.
So let’s take a look at some of the jobs that could be rendered obsolete by artificial intelligence.
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In reality, this has already been happening for quite some time. The use of robotics in the manufacturing sector has a much longer history than you might have guessed. General Motors are credited with being the first major manufacturer to introduce robotics into their assembly line, installing the UNIMATE machine in their New Jersey factory in 1962.
Yes that’s right, the same year that Lawrence of Arabia won the Oscar for Best Picture and Elvis Presely was in the pop charts, and there were robots building cars.
Things have obviously progressed since then, with many manufacturers of all types operating factories housed with hundreds of robots. Some are now even fully automated.
But there’s a big difference between robotics and artificial intelligence. A robot is designed to perform a set task in a set way, over and over again. This is useful for tightening bolts or moving heavy objects, but not as useful for situations where decision making is needed.
That’s where AI comes in.
This is one of the key roles outlined by Elon Musk at this years’ Tesla AI with the introduction of Optimus, their humanoid robot. The idea behind this technology is that it will enable a combination of both robotics and artificial intelligence, to eliminate the need for humans to do repetitive or dangerous tasks.
In a factory setting, one of the examples used by Musk was grabbing and installing a hose.
Sounds simple, but because a hose is flexible and moves around, a fixed robot would struggle to do the task consistently. By using AI, Optimus will be able to predict the movement of the house and adjust its grip in order to catch it, just like a human can.
Over time we’re likely to see fewer and fewer humans working in factories, though there is likely to always need to be some level of human oversight.
Amazon has been another company eager to push the envelope on automation. In Jeff Bezos’ never ending pursuit of scale and efficiency, the use of robotics and artificial intelligence is a no brainer.
The delivery of packages is a sector of the economy which has boomed in line with the ongoing increase in online retail, and it’s very well studied for automation.
Routes from a factory to a large number of delivery addresses are easily done by AI. Route planning software like Google Maps is everywhere already, and even human drivers rely on this technology in order to deliver our packages and UberEats.
The challenge comes from being able to drive and deliver without human input. This is something that is being actively worked on by many companies, with billions of dollars being flooded into the problem.
Tesla has been testing self driving technology for a number of years, as have other large companies such as General Motors and Alphabet.
The expectation is that in time, a combination of these technologies will mean delivery drivers and couriers could be out of a job.
This one might surprise you, but it’s one we know best. An enormous amount of work and labor in the financial industry is used on gathering, categorizing and analyzing data. Not only is this tedious and time consuming, but there are limits to how much information a human can process and always the possibility of errors.
A simple mistyped number on a spreadsheet can throw a detailed analysis out the window.
That’s why at Q.ai, our AI investing app harnesses the power of artificial intelligence to look at more data, more quickly and make decisions based on massive amounts of historical data.
As with most of the jobs on this list, it’s not going to mean there are no real jobs anymore.
The AI still needs to set parameters to work within and strategies for it to implement. For example, our AI can be set to predict the best expected weekly performance for stocks in the US market, but it needs to be told which stocks to include in the universe and which pieces of data to base these predictions on.
Some examples could be the oil price, interest rates, unemployment rate, overall stock market performance and volatility and more.
Even so, we’re likely to see more and more junior investment analyst roles replaced by complex algorithms and sophisticated machine learning programs.
By now we’ve all used chatbots somewhere or other. Most websites will offer a friendly pop up in the bottom right corner asking if we need some help, and in many cases they work very well.
For simple requests these bots are already proving to be very successful in fixing customers problems quickly. More complex queries will still inevitably end up with redirection to a real person.
Over time though, we can expect AI and natural language processing to allow more and more of these conversations to happen without the need for human interaction. At the moment, these chatbots are programmed to identify specific keywords and provide a limited range of solutions based on those keywords.
Over time, AI will allow this technology to interpret what we’re saying and provide real, natural responses to those queries. I’m sure many customer service workers would be happy to let a machine take customer complaints on their behalf!
Security is always going to be important, and many homes and businesses will continue to want protection to ensure their safety. However, we’re likely to see more of the roles of the traditional security personnel replaced by AI.
Technology such as facial recognition and human pattern recognition allows AI to keep track of potential threats and even predict their movements.
This information can then be used to trigger automated protective devices such as shutters or bollards, and alert human guards or police.
We’re already seeing this type of technology with widespread use by law enforcement, particularly in major cities with a high population density.
With no need to pay overtime or find cover for guards who call in sick, it’s likely to see more and more businesses and families opt for technological solutions to their protection needs.
Exploring AI investing
As you’d expect, we’re all about AI at Q.ai. While some are worried about what the AI future might hold, we believe it has the power to give humans access to technology and opportunities they never had before.
In our realm of investing, that means giving regular people access to sophisticated trading strategies which are usually reserved for high flying hedge fund clients.
Strategies like complex pair trades which go long on one asset while simultaneously shorting another, like in our U.S. Outperformance Kit. Or our Global Trends Kit which uses AI to predict whether oil, stocks, gold, US stocks or international stocks are likely to perform better in the coming week and then automatically rebalances accordingly.
The possibilities are almost endless, and they unlock exciting opportunities for investors.
Download Q.ai today for access to AI-powered investment strategies.