Tech
Human Data Analysts Are Outperformed by ChatGPT. India’s RBI Wants to Push G-20 to Focus on Crypto-Related Macro Risks
Data analysis using OpenAI’s ChatGPT-4 is significantly less expensive than hiring human analysts
Hello fellow tech enthusiasts, here are some quick tech updates that you should definitely keep an eye on!
What’s new today: Goldman Sachs plans to lay off fewer than 250 employees in the coming weeks.
Quick insights: The Reserve Bank of India (RBI) wants to encourage the G-20 to focus on macroeconomic risks related to cryptocurrencies.
In a recent study, researchers from Singapore’s Nanyang Technological University and Alibaba Group’s Damo Academy found that using OpenAI’s GPT-4 to analyze data costs significantly less than using human analysts, while producing similar results. The study highlights the growing concern over job security as generative artificial intelligence (AI) becomes more widely used. ChatGPT is powered by the advanced large language model (LLM) known as GPT-4. IANS reports that the study showed that using GPT-4 would cost only 0.45 percent more than hiring a senior data analyst with an annual salary of about $90,000. Even when compared to lower-level employees, GPT-4 accounted for only 0.71 percent of related expenses.
Goldman Sachs Group Inc. is expected to lay off fewer than 250 employees in the coming weeks, as a weak deal market weighs on investment banking, according to a person familiar with the matter. Partners and managing directors could be among those leaving at varying levels of seniority, the source said. The layoffs were first reported by The Wall Street Journal. Goldman had 45,400 employees at the end of March. After its biggest round of layoffs since the 2008 financial crisis, Goldman reduced its workforce by about 3,200 people in the first quarter. It also laid off about 500 employees the previous year.
Data Science Hailed as the cornerstone of the 21st century technological revolution, it has transformed industries with its ability to extract insights from data. However, a closer look reveals that data science is a discipline that has only recently emerged, bridging the gap between a data-poor past and a future dominated by intelligent systems. With the proliferation of digital platforms such as the Internet, social media, e-commerce, and IoT devices, we are now inundated with massive amounts of data. Data science has played a vital role in making sense of this deluge of data, but as technology has advanced, the focus has shifted to the complex Artificial Intelligence Systems which are based on this data. to know more
The Reserve Bank of India (RBI) said in its annual report released Tuesday that it is attempting to broaden the global cryptocurrency debate beyond “financial stability and integrity to the macro-financial and cross-sectoral implications and risks of cryptocurrencies.” Government sources told CoinDesk that the move is intended to draw attention to how cryptocurrencies could fundamentally harm or disrupt the global economy rather than just specific countries and consumers. While the RBI reiterated its concerns, saying “cryptocurrencies pose a material threat to financial stability,” this may be the first time the RBI has expressed its “intent” as a significant player in the ongoing global debate over global cryptocurrency laws.
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