The end of AI? :) Well, everything is a bit more complicated

Nice to see you back, AI enthusiasts! 👋

Welcome to a fresh edition of Max's 3-minute newsletter, reader. This week, I was pretty surprised by the tone and vibe of the AI news, so I have to share a disclaimer - it’s a bit darker than usual. 

Don’t worry too much, though. I’ll be with you all the time. It’s time to take the red pill: let me show you how deep the rabbit hole goes 🐇 

1. Utopia or Dystopia? 🤖

As a child, I was keen on reading science fiction about robots doing all the jobs and technology overtaking the everyday ‘boring’ routine. But now that I’m an adult, I question if this futuristic fairy tale should come to light.

The International Monetary Fund (IMF) predicts that artificial intelligence will affect nearly 40% 😨 of all jobs, with AI likely exacerbating overall inequality.

Here is the realistic picture: in advanced economies, around 60% of jobs will be impacted, with some workers benefiting from increased productivity and others – facing potential job loss due to AI performing tasks currently done by humans. Meanwhile, the IMF predicts that technology will influence 26% of jobs in low-income countries.

It echoes a 2023 report by Goldman Sachs suggesting that AI can replace approximately 300 million full-time jobs. However, the report also indicated the possibility of generating new employment opportunities and experiencing a surge in productivity.

The trend looks like this: higher-income and younger workers may see a disproportionate wage increase after adopting AI; lower-income and older workers could fall behind, the IMF believes.

It’s high time we decided on two main questions: should policymakers address this issue, or is it worth letting go and accepting it as an inevitable technological advancement? Should I view myself as a younger worker 👦 or an older one 👴?

2. Bus Buzz 🚍

Let’s talk about something significant. Imagine standing at a bus stop, the rain pouring heavily 🌧️ , realising you've forgotten your umbrella and are patiently waiting for a bus …and there is none. Ten minutes pass, then twenty, and despite your newfound friendship with a city mapping app, there's still no sign of any buses. You are soaked, shivering and annoyed. And then, the moment you lost all hope – here it comes – your bus. And another one. And another one. And you have just one question – why? Fingers crossed, this picture will vanish as First Bus, one of the UK's major bus operators, is utilising artificial intelligence (AI) to tackle the “bus bunching” issue.

The company has adopted AI-powered software to update its timetables, addressing the complexity of managing 4,000 buses operating across the UK for 16 hours daily. The AI technology, introduced in trial areas such as Bristol, Glasgow, and West Yorkshire, allows frequent timetable adjustments, responding to factors like road congestion to prevent buses from breaking up.

Simon Pearson, Chief Commercial Officer at First Bus, highlights the significant improvement AI has brought to the scheduling process, resulting in a notable 20% increase in punctuality during peak periods. While the implementation of AI has shown positive outcomes, some passengers in trial locations have reported ongoing irregularities in bus services. Achieving perfection is a persistent challenge. In such instances, remember the saying: sometimes it’s good to miss a bus – it might be the wrong bus 🧘‍♂️ (repeat it a couple of times; hopefully, it works).

3. Is this the end? ⚰️

Before brands enthusiastically embrace the allure of integrating AI into their operations, they should take a moment to understand the preferences of their target audience. Surprisingly, amidst the global fervour surrounding artificial intelligence, a survey conducted by a specialist in the Storyblok content management system revealed that a staggering 85% of 1,000 consumers expressed disinterest in utilising AI for their purchase decisions.

Moreover, 60% state that an AI recommendation wouldn't influence their purchasing decisions, with 17% suggesting it could deter them from making a purchase 💴 

In stark contrast, a comprehensive global study involving 500 senior marketers unveiled a different narrative. A whopping 64% of these marketing leaders reported actively leveraging AI to aid in creating digital content, with a mere 11% admitting to never having dipped their toes into the AI waters.

Dominik Angerer, CEO and co-founder of Storyblok, said: “It’s easy for brands to fall into the trap of chasing the latest trends instead of giving people what they want. These survey results show that consumers have authentic content and useful websites on their wish list this holiday season.”

That concludes today's discussion, and it seems like quite a bit to take in. However, don’t let the winter melancholy ❄️ fully get you; we’ll get through it. And for now, wear layers, take vitamins and stay curious!

Max 

xx