The age of “generative” artificial intelligence has well and truly arrived. Openai’s chatbots, which use large-language-model (llm) technology, got the ball rolling in November. Now barely a day goes by without some mind-blowing advance. An ai-powered song featuring a fake “Drake” and “The Weeknd” recently shook the music industry. Programs which convert text to video are making fairly convincing content. Before long consumer products such as Expedia, Instacart and OpenTable will plug into Openai’s bots, allowing people to order food or book a holiday by typing text into a box. A recently leaked presentation, reportedly from a Google engineer, suggests the tech giant is worried about how easy it is for rivals to make progress. There is more to come—probably a lot more.
The development of ai raises profound questions. Perhaps foremost among them, though, is a straightforward one. What does this mean for the economy? Many have grand expectations. New research by…
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