Technology

1. CEO wastes a ton of money on generative AI
2. CEO fires a bunch of people to hit quarterly profit targets

generative AI resulted in job cuts.

More accurate headline: Stupid CEOs who believe hype about tech they don't even remotely understand fire a bunch of workers because they don't think they need them anymore.

These same morons are going to be hiring back most of the people they fired in a year or so after it becomes apparent that none of this is going to work even remotely like they think it will.

So… CEOs will cause job cuts in 2024, and have decided to use generative AI as an excuse.

Reminder: the problem is 100% capitalism, 0% technology. We've built a truly perverse economic system in which eliminating labor hurts people.

Oh man, can't wait for even more services to get extra shitty and customer service to get worse all over the place. It was bad enough with the dumb phone prompts being added all over that increases your time on the phone, when if you could just explain it to a person it'd take a fraction of the time (assuming you don't just get bounced around to multiple other departments).

I wonder how well an AI would be able to do a CEO's job? Why not start with the most expensive employee?

Developers: I could use AI to increase my output and productivity while better testing code and coming up with unique ways to speed up runtimes!

CEO: We could do the same output with less people!

There will be cuts, we just haven't decided why yet....

Can we start with the CEOs? Pretty sure shatGPT can do their jobs easily

I agree with their outlook.

Can we include CEOs as those positions laid off? They don't do fuck all but save the company money, that can be done by an Excel spreadsheet.

I mean we saw this in 2023. Companies fired people and replaced them with AI that was unable to do the job.

The findings, based on interviews with 4,702 company chiefs spread across 105 countries, point to the far-reaching impacts that AI models are expected to have on economies and societies, a topic that will feature prominently at the annual meetings.

Once you start digging into the article it is quite hysterical what executives think a predictive chat model are going to replace. It reads more like a wish list then anything else.

But they expect AI to replace transportation, Tesla and General Motors are not having any success with this.... yet. There appears to be a bandwidth issue that isn't going to be solved until the US upgrades to fiber.

Boston dynamics are having a lot of success with their robots of late. Everyone else is stuck still getting robots to stack boxes. Which is also having it's problems with bandwidth. And apparently logic issues.

They also expect things like Energy and power/utilities to be replaced by AI. And that is just dumb. Automation has already swept through the power sector, and AI is not going to help with much else, unless it is going to start repairing power lines, transformers, or the regular substation.

Above all, this is not taking into account the new jobs this also creates. People will need to repair and troubleshoot equipment at multiple layers.

What is also absent from the article is the executive jobs AI will also replace. Once AI can view things at multiple levels. True, you don't need the average worker anymore. But you don't need someone that is just collecting a paycheck, do you? If AI will be programed to replace redundancies, then it won't only find those at lower levels.

I'm actually okay with this if it results in fewer duties with the same number of jobs.

There's an awful lot of stuff in my job that is just tedious busy work. No human ever reads the reports I write, so they might as well not even be written by human either.

Looks like consulting jobs are going to be well in demand dealing with this type of bullshit from management everywhere.

I am here with my popcorn to see how well this will play for those CEOs.

We are in an age in which getting to a power position is a reality show. You don’t need to know how to do anything, really. It’s enough that you have charisma and trigger emotions (possibly negative emotions, they work better)

The current AI generation tools, are tools and are still unable to replace people, simply because AI's do not know all the requirements, do not have the over-all overview, it still makes mistakes (even if you think the code is good or even working), it's not very creative. AI needs constant instructions as well.. So in general I'm not afraid at all of these current AIs. It's just a tool... like an editor or stackoverflow for support Q&A.

I wish that bar chart was broken down by job type, not industry. I’d wager that a lot of these jobs are the same jobs across all of those industries. Example: customer service, copy writing, etc.

This is the best summary I could come up with:

A quarter of global chief executives expect the deployment of generative artificial intelligence to lead to headcount reductions of at least 5 percent this year, according to a survey unveiled as world and business leaders gathered in Davos, Switzerland.

Industries led by media and entertainment, banking, insurance, and logistics were most likely to predict job losses because of cutting-edge AI tools, according to the poll of top directors conducted by PwC ahead of this week’s World Economic Forum.

The findings, based on interviews with 4,702 company chiefs spread across 105 countries, point to the far-reaching impacts that AI models are expected to have on economies and societies, a topic that will feature prominently at the annual meetings.

The PwC survey showed that a rising share of executives envisage strengthening economic growth in 2024, but at the same time are exercised by the need to respond to revolutionary developments including generative AI and climate change.

In the shorter term, the study pointed to receding anxiety about the broader outlook, with less than a quarter of directors reporting that their firm is “highly/extremely” exposed to the threat of inflation, a steep drop from last year’s 40 percent reading.

The findings reflect hopes that the worst of the inflationary upsurge that hit economies from 2021 onwards has now passed, and comes amid investor speculation that central banks led by the US Federal Reserve will start cutting policy rates as soon as this spring.

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