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- 200,000 Wall Street Jobs May Be Slashed By Artificial Intelligence
200,000 Wall Street Jobs May Be Slashed By Artificial Intelligence
Also: Meta accused of training AI with pirated books

Good morning! In todayβs newsletter, we explore the evolving impact of artificial intelligence on industries, workforces, and innovation worldwide. From the potential displacement of hundreds of thousands of Wall Street jobs to new scientific breakthroughs powered by AI, the stories highlight the challenges and opportunities of a rapidly changing landscape. We also delve into the ethical and legal questions surrounding AI training practices, global workforce shifts by 2030, and the fastest-growing jobs in the AI-driven economy. Plus, catch up on NVIDIA's latest AI tools for video analysis and the trends in venture capital investments, where AI startups are defying the odds amidst a funding slowdown.
Sliced just for you:
π Wall Street braces for AI-driven job cuts
π Meta accused of training AI with pirated books
π€ Rising stars in AI merge robotics with science
π 41% of companies plan workforce reductions by 2030
π The fastest-growing jobs in the AI-powered economy
Wall Street is projected to undergo significant workforce changes as AI is expected to lead to the reduction of up to 200,000 jobs over the next three to five years. This shift will predominantly impact back-office, middle-office, and operational roles, as AI systems increasingly handle tasks like data analysis, risk evaluation, and financial trend assessments more efficiently than humans. Entry-level positions may also face reductions of up to two-thirds. While some industry leaders see AI as transformative rather than entirely job-eliminating, others predict up to 10% workforce cuts at major institutions like Citigroup and JPMorgan. Alongside these changes, financial firms anticipate a boost in profitability, with pre-tax profits projected to rise by 12-17% by 2027. This evolution demands significant reskilling efforts, emphasizing expertise in AI strategy, data science, and ethical oversight, as the sector adapts to a new era of human-AI collaboration.
A group of authors, including Ta-Nehisi Coates and Sarah Silverman, have accused Meta of knowingly using pirated versions of copyrighted books to train its AI models, according to court filings. Evidence revealed during legal discovery suggests that Meta employed the LibGen dataset, a repository of pirated works distributed via torrents, for its AI training, allegedly with the approval of CEO Mark Zuckerberg, despite internal concerns about its legitimacy. This lawsuit, part of broader claims against tech companies for unauthorized use of copyrighted material, has led to calls for amending previous complaints to include new evidence of copyright management information violations and computer fraud. While a U.S. judge has allowed an amended complaint, skepticism remains regarding the merits of some claims, spotlighting ongoing legal and ethical debates over AI development practices and intellectual property rights.
Three emerging scientists are leveraging AI and robotics to push boundaries in their respective fields, showcasing how technology can enhance research rather than replace human expertise. David Kelley uses deep learning to explore gene regulation and age-related diseases at Calico Life Sciences, developing tools like the Enformer model to predict gene variant expression. However, he highlights challenges like limited genomic diversity and finite training data. Lauren Takahashi, based at Hokkaido University, applies AI and robotics to design high-performance catalysts for chemical reactions, envisioning self-directed robotic systems that revolutionize lab environments. Aditya Nandy integrates AI with materials science to model and predict properties of advanced materials, demonstrating AIβs potential to accelerate discoveries across disciplines. Together, their work illustrates AI's transformative role in advancing scientific inquiry while addressing critical challenges in implementation and integration.
A survey conducted by the World Economic Forum revealed that 41% of companies globally plan to reduce their workforce by 2030 as AI automates various tasks, with roles like postal clerks, executive secretaries, and payroll clerks facing significant declines. While AI adoption threatens traditional jobs, 77% of firms intend to reskill employees to work alongside these technologies, reflecting a shift toward "human-machine collaboration." Generative AI, capable of creating text and images, is driving demand for AI-specific skills, with nearly 70% of businesses planning to hire specialists in AI design and 62% seeking professionals skilled in AI integration. Although AI's potential to enhance productivity is recognized, its impact on the labor market is mixed, as some companies, including Dropbox and Duolingo, have already cited AI as a reason for layoffs. The evolving job landscape highlights the importance of reskilling and adapting to a future shaped by AI.
The rise of AI and emerging technologies is projected to drive both significant job creation and displacement by 2030, with 170 million new roles emerging and 92 million being phased out, leading to a net increase of 78 million jobs globally. AI and information processing technologies alone are expected to create 11 million jobs while displacing 9 million, underscoring their dual impact on the workforce. The fastest-growing job categories include farmworkers, software developers, delivery drivers, and construction workers, while technological skills such as AI expertise, data analysis, and cybersecurity are becoming increasingly critical. Employers estimate that by 2030, nearly equal shares of work tasks will be performed by humans, technology, or both collaboratively, reflecting the shifting human-machine frontier. Businesses are focusing on reskilling, with 39% of essential job skills expected to change, emphasizing lifelong learning, creativity, and leadership to adapt to this evolving AI-driven economy.
π οΈ AI tools updates
NVIDIA has unveiled a blueprint for developing AI agents with video analysis capabilities, addressing the massive gap in video data analysis from over 1.5 billion enterprise cameras worldwide. Leveraging the NVIDIA Metropolis platform and advanced tools like the Cosmos Nemotron vision-language models and NeMo Retriever, the blueprint enables developers to build AI agents for tasks such as safety monitoring, productivity enhancement, and inventory management. These agents, equipped with visual perception, chain-of-thought reasoning, and task planning, can process video 30 times faster than real-time viewing, offering applications in industrial operations, sports analytics, and media personalization. The initiative aims to transform industries by enhancing efficiency, safety, and content relevance, marking a significant step toward widespread AI integration across sectors.
π΅ Venture Capital updates
In South Korea, overall startup investment dropped 19.7% in 2024, totaling 6.0863 trillion won compared to 7.5815 trillion won in 2023. The number of investment deals also decreased by 27.3%. Early-stage funding was particularly affected, with seed and Series A investments falling by 25% and mid-to-late stage rounds also seeing declines. Despite this downturn, AI startups experienced a 41% surge in funding, reaching 966.6 billion won. Notable investments included 165 billion won for AI semiconductor startup Rebellion and 100 billion won for AI firm Upstage. This surge reflects the growing integration of AI across industries, driving a global and domestic "AI supercycle" as venture capitalists prioritize advanced technologies.
π«‘ Meme of the day

βοΈ Generative AI image of the day

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