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  • AI could force 12 million people to switch jobs: McKinsey

AI could force 12 million people to switch jobs: McKinsey

Also: A Blueprint for Using AI in Psychotherapy

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McKinsey's latest report suggests AI will cause 12 million people to switch careers by 2030, highlighting a shift rather than elimination of jobs. AI is also proposed as a tool to manage the global mental health crisis in a new paper. Meanwhile, AWS introduces AI applications capable of autonomous task completion, while public pessimism towards AI increases, according to the TechPulse report. In AI tools, ElevenLabs has expanded its voice offerings using Professional Voice Cloning technology, and the "Barbie" selfie-generator filter in the AI-based app PhotoRoom went viral. In funding news, Protect AI raises $35 million for its security platform protecting against AI/ML attacks, and RapidAI secures $75 million to develop clinical AI solutions for better patient outcomes.

Sliced:

  • πŸ‘·πŸ» AI could force 12 million people to switch jobs: McKinsey

  • πŸ“ A Blueprint for Using AI in Psychotherapy

  • πŸ•΅πŸ»β€β™€οΈ AWS is ready to power AI agents that can handle busywork instead of just chatting

  • πŸ˜• People are more pessimistic about AI now than before the boom, a study shows

McKinsey's report highlights the transformative potential of generative AI on the U.S. workforce, predicting a shift rather than elimination of jobs. By 2030, it foresees AI forcing 12 million career switches and automating 30% of work hours. Although short-term job losses are possible, particularly in office support and customer service, the report counters that sectors exposed to AI, albeit at a slower pace, can still expand job opportunities. It also suggests that AI could enable employees in lower-paying jobs to transition into higher-paying roles with appropriate training. Industries like healthcare are expected to see a surge in job openings, while demand for STEM roles increases. The report underscores the need for early STEM training and more inclusive hiring practices. As AI becomes integrated into the workplace, employees will see a shift in their day-to-day tasks, with technologies like ChatGPT and DALL-E automating complex tasks that require expertise and creativity. The introduction of AI could lead to a 1.1 million decrease in jobs paying less than $38,200 annually, offset by a 3.8 million increase in roles offering over $68,700. However, the poorest workers could face challenges, with those earning $38,200 or less being up to 14 times more likely to need to change jobs.

A working paper, authored by a multi-disciplinary team, proposes using AI in psychotherapy to help manage the global mental health crisis. The authors, Johannes Eichstaedt and Elizabeth Stade, suggest that AI could automate lower-level tasks such as intake interviews, symptom-tracking, and note-taking, thus freeing up therapists to focus on diagnosis and treatment conceptualization. Patients could also benefit, with AI making at-home activities more engaging. Additionally, AI could support large-scale trials of therapeutic interventions and analyse therapy session transcripts to improve interventions. The authors caution against rushing AI deployment in psychotherapy, advocating instead a three-stage development approach akin to autonomous vehicle development. They stress the need for transparency, patient opt-out options, and rigorous evaluations similar to FDA drug approval processes to ensure safety and efficacy.

Amazon's cloud business, AWS, launched Agents for Bedrock at the AWS Summit in New York, a service enabling companies to construct AI applications capable of completing tasks autonomously, such as booking flights for users. These AI agents, compatible with generative AI models like GPT-4 or Llama 2, will enable developers to design custom applications that assist users with automation of tasks, bridging the current gap in generative AI capabilities. In other AWS news, the company also announced AWS HealthScribe, a service that automates clinical documentation in healthcare, and a collaboration with Nvidia for handling larger data amounts using Nvidia H100 Tensor Core GPUs. However, the entry of AI into the healthcare sector also raises concerns about data privacy and security. Other updates included the general availability of Entity Resolution, a machine learning-powered analytics tool, and the integration of the code assistant CodeWhisperer into Glue Studio.

The annual TechPulse report from Steven's Institute of Technology indicates a growing pessimism towards artificial intelligence (AI), with only 38% of the 2,200 surveyed adults believing in 2023 that the benefits of AI outweigh the risks, a decrease of 10% from 2021. This scepticism extends to various potential applications of AI including personal safety, national security, and privacy. The report also suggests that 25% of respondents primarily associate AI with concern, likely influenced by negative instances such as data leaks, investigations, lawsuits, expert warnings, stock market disturbances, and hiring freezes, all connected with the pervasive use of emerging technology like AI.

πŸ› οΈ AI tools updates

In a major development, ElevenLabs has significantly expanded its voice offerings by introducing a wider and more diverse selection of high-quality voices. The voices were created using Professional Voice Cloning technology, in collaboration with industry professionals, offering a broad spectrum of delivery styles and accents, and are designed to cater to various applications. New dialect additions include Irish, Swedish, and Italian. Beyond enhancing the range, ElevenLabs has also improved user experience with higher audio quality and an improved voice selection process. The company has worked closely with voice actors in the creation of these voices, thereby laying the groundwork for the upcoming Professional Voice Cloning model. With a view towards sustainable growth, ElevenLabs is developing a flexible and beneficial collaboration model with voice actors, exploring diverse compensation models, and maintaining a commitment to fair practices.

Attracting over 13 million users since its April launch, the AI-based photo editing app, PhotoRoom, in collaboration with Warner Bros. and agency Bond, introduced a "Barbie" selfie-generator filter ahead of the film's debut. This filter, enabling users to integrate their selfies into the movie's promotional posters, gained wide traction on social media and caught the attention of celebrities including Rihanna and Pedro Pascal. The popular initiative significantly contributed to the film's successful $155 million opening weekend at the box office. The innovative use of AI in this marketing strategy underscores the potential of tech-driven engagement tools in capturing audience attention, paving the way for personalized and captivating user experiences. The campaign's success was further boosted by strategic brand partnerships, including Bumble and Roku, which provided unique, film-related interactive experiences.

πŸ’΅ Venture Capital updates

Protect AI, a security firm focusing on machine learning and artificial intelligence (AI), has successfully raised $35 million in a Series A funding round. The round was led by Evolution Equity Partners and featured Salesforce Ventures and existing investors, boosting the total funds raised to $48.5 million. Founded by industry veterans Ian Swanson and Badar Ahmed, Protect AI addresses the growing risks posed by adversarial attacks on AI/ML, such as data poisoning, algorithm manipulation, and compliance failures. Their platform, AI Radar, provides real-time visibility into ML/AI systems and their associated vulnerabilities, while detecting and remediating security issues. The platform's key features include real-time visibility, an automatically generated and dynamic Machine Learning Bill of Materials (MLBOM), and continuous security for pipeline and model systems.

RapidAI, a provider of clinical AI solutions, has raised $75 million in a Series C funding round led by Vista Credit Partners to further develop its innovative technology. The company's software offers clinical decision support and workflow enhancements aimed at improving patient outcomes for serious conditions such as neurovascular, cardiac, and vascular diseases. Among its offerings is an FDA-cleared device for stroke care that detects intracranial hemorrhage and large vessel occlusion. RapidAI has also expanded into new disease states with FDA-cleared modules for managing cerebral aneurysms and identifying suspected central pulmonary embolisms. The new funds will support additional module development, as well as market expansion and product growth.

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