What's New Today: In India's IT industry, about 6% of contract employees lost their employment in the March quarter.
Fast-Track Insights: Economic News and Cryptocurrency Prices May Have a Better Relationship
ChatGPT, the amazing chatbot from OpenAI, is now available as an iOS app in 11 more countries besides the US. Some of the countries where the app can be downloaded are France, the UK, Jamaica, Korea, Ireland, Nicaragua, Albania, and Croatia. However, India is not on the list yet, even though ChatGPT Plus was launched there in March. The app is free and ad-free, and it lets users chat with ChatGPT on their mobile devices. The app looks like a messaging app, where users can type or speak their prompts. The app uses Whisper, OpenAI's open-source speech recognition system, to enable voice input.
The global slowdown and the Russia-Ukraine conflict have hit India's IT sector hard, leading to job losses for contract workers. A recruitment body, the Indian Staffing Federation, said that about 3,600 of its 60,000 outsourced workers were laid off in the March quarter, a 6% drop from the previous quarter. The IT sector had about 5.1 million employees in the year ending March 2022, according to government data, but many companies have cut down on contract hiring and fired existing contract employees.
One of the fastest-growing industries in the world is the artificial intelligence (AI) sector. The market for AI is anticipated to grow from US$327.4 billion in 2022 to US$390.9 billion in 2023. Numerous factors, such as the expansion of data availability, the creation of new AI algorithms, and the rising demand from both businesses and consumers for AI-powered products, all contribute to this increase. The growing availability of data is one of the main factors driving the AI market. Data is used to train AI systems, and the more data they must work with, the better they perform. Due to the rise of the Internet of Things (IoT), there has been a sharp increase in the volume of data being produced in recent years. Read More
Crypto markets showed little reaction to positive economic data, suggesting that the old narrative of good economic news is bad news for digital asset prices may be changing. Previously, crypto markets would drop when the economy showed signs of growth and persistently high inflation. But now good economic news may boost cryptocurrency prices, or at least not affect them negatively. On Wednesday, the U.S. Labor Department reported that 229,000 Americans applied for unemployment benefits last week, slightly higher than the previous month, but much lower than the expected 245,000. Also, the U.S. economy grew for the third quarter in a row, as the second-quarter gross domestic product (GDP) increased by 1.3%.
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