‘One of the strongest corporate arguments in favor of the widespread adoption of generative AI tools–including large language models (LLMs), text-to-image, and text-to-video models which underlie systems like OpenAI’s ChatGPT and Anthropic’s Claude–has been the promise of a productivity boon for firms. The argument is that, because they are able to generate realistic-sounding text and images that appear to be created by a skilled artist, that they will be able to fully replace human workers at their jobs. Labor costs are, by far, the highest expenditure for most employers. If we define productivity as the ratio of outputs to inputs, then due to fewer labor hours needed to produce something, net productivity will increase dramatically with the introduction of these tools.’
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AI Update 