AI at 'Inflection Point,' Adoption Set to Accelerate: UBS
But AI probably won't destroy jobs, according to the firm.
Artificial intelligence, big data and cybersecurity should undergo faster adoption in coming years as companies and governments show greater interest in the technologies, UBS Global Wealth Management’s chief investment officer said Tuesday.
“We see artificial intelligence as a horizontal technology that will have important use cases across a number of applications and industries. From a broader perspective, AI, along with big data and cybersecurity, forms what we call the ABCs of technology,” said CIO Solita Marcelli.
“We believe these three major foundational technologies are at inflection points and should see faster adoption over the next few years as enterprises and governments increase their focus and investments in these areas.”
The firm said it sees ChatGPT and other large language models as engines that will eventually power human interactions with computer systems in a familiar, natural, and intuitive way, and cited strong interest from enterprises in integrating conservational AI into their ecosystems.
UBS cited outside data showing the AI hardware and services market reached nearly $36 billion 2020, and predicted it will generate $90 billion in sales by 2025, an estimate it said could be conservative given advances in machine learning and deep learning capabilities.
ChatGPT-3 is an enhanced chatbot developed by OpenAI, a US artificial intelligence research lab, and part of a broader family of LLMs.
Chatbots’ early success could attract more technology talent and drive faster adoption by enterprises and governments, UBS said in a note, adding that the tech sector is undergoing a new innovation cycle after 12 to 18 months of muted activity.
AI probably won’t destroy jobs, according to the firm.
“Every wave of new and disruptive technology has incited fears of mass job losses due to automation, and we are already seeing those fears expressed relative to AI generally and ChatGPT specifically,” UBS said.
While some new technologies have resulted in job displacement, the decades since IBM introduced its first mainframe system “have been good years to be information workers despite the widespread concerns at the time over computers taking office worker jobs,” the note said.
“History shows that technology of any sort ultimately makes productive workers more productive and is net additive to employment and economic growth,” it said.
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