Data analysis using OpenAI's ChatGPT-4 is significantly less expensive than hiring human analysts

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: In the next weeks, Goldman Sachs intends for eliminating under 250 employees.

Fast-Track Insights: RBI of India wants to promote the G-20 to focus on the macro risks related to crypto.

In a recent study, researchers from Nanyang Technological University in Singapore and Alibaba Group's Damo Academy found that using OpenAI's GPT-4 to analyze data costs far less than using human analysts while producing similar results. The study clarifies the rising worry about 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 only cost 0.45% as much as hiring a senior data analyst with an annual salary of about $90,000. Even when compared to lower-level employees, GPT-4 only accounted for 0.71 percent of the related expenses.

According to a person with knowledge of the situation, Goldman Sachs Group Inc. is expected to let off less than 250 workers in the coming weeks as a weak deal market weighs on investment banking. The source claims that partners and managing directors may be among those leaving at various levels of seniority. The layoffs were initially reported by The Wall Street Journal. At Goldman, there were 45,400 employees as of the end of March. Following its largest round of layoffs since the financial crisis of 2008, Goldman reduced its workforce by about 3,200 people in the first quarter. Additionally, it laid off about 500 staff the previous year.

Data science hailed as the cornerstone of the 21st-century technological revolution, has transformed industries with its ability to extract insights from data. However, a closer examination 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 vast amounts of data. Data science has played a pivotal role in making sense of this data deluge, but as technology advances, the focus has shifted to the complex AI systems that rely on this data. Read More

The Reserve Bank of India (RBI) stated in its annual report released on Tuesday that it is attempting to broaden the global conversation surrounding cryptocurrencies beyond "financial stability and integrity to macro-financial and cross-sectoral implications and risks of crypto-assets." Government sources have told CoinDesk that the action is intended to draw attention to how crypto might harm or fundamentally alter the global economy rather than simply particular countries and consumers. Even while the RBI restated its worries, saying "cryptocurrencies are a material threat to financial stability," this may be the first time the RBI has expressed its "intent" as a significant player in the current global discourse over global crypto laws.