AI Will Not Eliminate Jobs

Also: Groundbreaking AI-Method Finds a Way to People’s Hearts

Author

AI KATANA
August 28, 2023

Welcome!

In today's AI news, the conversation continues regarding AI's impact on job displacement, asserting the distinction between "disrupting" and "eliminating" jobs and emphasizing the emerging opportunities. Meanwhile, Google expresses its commitment to African startups, launching a dedicated AI-focused accelerator program. Medical researchers at Osaka Metropolitan University use AI to innovate heart disease diagnostics, promising more accessible and quicker detection. On the corporate front, SK Hynix experiences a stock surge, riding on the wave of AI advancements like ChatGPT, although it faces competition from global tech giants. Also, Hugging Face introduces Code Llama, boasting of impressive performance as a code assistant. Lastly, former Deliveroo executives grab the limelight by securing AI funding from Google for Jitty, their new property search engine venture. Dive in for a comprehensive look at today's AI-driven developments.

Sliced:

  • 🧑🏽‍💻 AI Will Not Eliminate Jobs

  • 🌍 Google opens applications for AI-focused Africa accelerator programme

  • 💜 Groundbreaking AI-Method Finds a Way to People’s Hearts

  • 📈 This Company Is Nvidia’s AI Chip Partner—and Its Stock Is Soaring

AI's progression and integration into various sectors have stirred concerns about job losses, with predictions that it could disrupt 300 million jobs worldwide. However, the distinction should be made between "disrupting" and "eliminating" jobs. Historically, when one technology rendered certain jobs obsolete, new opportunities arose in other areas. For instance, while vinyl records gave way to streaming services, jobs within the music industry merely shifted in focus. In the customer service domain, despite the rise of AI-driven tools, only 9% of companies reported a reduction in staff due to AI. Most businesses use AI for handling basic queries, freeing agents for complex issues. Drawing parallels, the airline industry's shift to online ticketing didn't eradicate jobs but redistributed roles, emphasizing online platform management and enhanced customer support. In essence, while AI will unquestionably reshape the employment landscape, it doesn't necessarily mean a reduction in job opportunities. The changing landscape can be seen as either a challenge or an opportunity, depending on one's perspective.

Google has launched the "Google for Startups Accelerator: AI First" programme dedicated to supporting African startups that leverage artificial intelligence (AI) to address regional challenges. This initiative builds on the success of previous Google for Startups efforts in Africa, including accelerators focused on women founders and Black founders. The 10-week equity-free accelerator is open to startups up to Series A stage either based in Africa or developing AI-driven solutions for Africa. Successful applicants will receive benefits like Google Cloud Credits worth up to US$350,000, mentorship from AI experts, and networking opportunities. Folarin Aiyegbusi, Google's head of startup ecosystem for Africa, expressed admiration for African startups' innovative use of AI and emphasized Google's commitment to nurturing their growth.

Researchers at Osaka Metropolitan University have developed an innovative AI method to detect and classify cardiac functions and valvular heart disease using chest X-rays. This revolutionary approach could supplement echocardiography, which is currently the primary method for diagnosing valvular heart disease but requires specialized skills. The AI model was trained using over 22,000 chest radiographs linked with echocardiograms from nearly 17,000 patients across four medical facilities. The model exhibited impressive accuracy in identifying six specific types of valvular heart disease. This advancement not only enhances diagnostic efficiency but can also be invaluable in areas lacking specialists, during emergency scenarios, or for patients who cannot undergo echocardiography.

South Korean company SK Hynix, a leading provider of high-bandwidth memory (HBM) chips, has seen its stock rise significantly, as its chips play a pivotal role in powering advanced AI applications like ChatGPT. A decade ago, SK Hynix made a strategic bet on HBM technology, where DRAM memory chips are stacked, enhancing the efficiency and speed of data transfer essential for AI computations. Despite facing financial challenges this year, with the increasing demand for AI-driven processes, the company expects its HBM revenue to grow by over 50% in 2023. However, SK Hynix faces stiff competition as companies like Samsung aim to increase their HBM production and introduce advanced models in the near future.

🛠️ AI tools updates

Code Llama is available in the Hugging Face ecosystem, starting with transformers version 4.33. Until transformers 4.33 is released, please install it from the main branch. The Code Llama release unveiled a series of models with 7, 13, and 34 billion parameters, initialized from Llama 2 and subsequently trained on 500 billion code tokens. These models were further refined for Python expertise and for comprehending natural language instructions. Demonstrating superior performance in multiple programming languages, the 7B and 13B versions excel as code assistants due to their infilling capabilities. Code Llama operates within a 16k context window but has undergone fine-tuning to handle up to 100,000 tokens. This enhancement from Llama 2's 4k context window was facilitated by recent advances in RoPE scaling, particularly through linear and frequency domain interpolation of Llama’s position embeddings, granting Code Llama impressive extrapolation proficiency.

💵 Venture Capital updates

Former Deliveroo executives Graham Paterson, James Storer, and Daniel Cooper have co-founded a new property search engine called Jitty. The start-up, set to revolutionize the home-buying process, secured $2m in investment led by Gradient Ventures, Google's AI fund. Leveraging large-language model (LLM) technologies and computer vision, Jitty can interpret property floor plans and understand photos and descriptions of homes. Distinctively, Jitty won't charge estate agents for listings or inquiries, focusing on offering an enhanced matching service for homebuyers. The service has a considerable waiting list ahead of its UK launch, with plans for European expansion. Investors in the funding round also include major venture capital funds like Sequoia and Atomico, among others.

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