The Game-Changing Implications of ChatGPT!

Since being introduced to the public on November 30th of 2022, ChatGPT has taken over the world by storm. It is an AI chatbot designed and created by OpenAI, an AI research and deployment company. ChatGPT is a natural language processing tool driven by AI technology that allows for users to have human-like conversations, conduct research, answer questions, and assist with tasks. But, the question being asked is what are the applications of the newfound AI technology?

While the hype for the new AI is currently peaking, a major concern is starting to circulate as it pertains to the job market and who will be affected by the new technology. Advertising is currently one of the main markets at risk with the emergence of ChatGPT. Ad revenue comes from owning content that receives enough attention for companies to purchase space on. ChatGPT may possibly take the “middle-man” out of the equation when it comes to searching for information. Because the information utilized by the AI is readily available, the need to search the web and reach different sites becomes eradicated. 

Google is one of the main companies affected by the newfound technology. As stated in our prior blog on ChatGPT, Google has recently declared a “Code Red.” As of 2022, Google’s revenue totaled at $69.1 billion and $39.5 billion was from search ads. ChapGPT is becoming a direct competitor to Google because of its question-answering capabilities. The AI has the potential to be able to create more personalized and targeted advertisements for its user; ChatGPT must have access to real-time data for this to be possible. By 2024, ChatGPT’s owner OpenAI projects $1 billion dollars in ad revenue. 

Many people around the globe are beginning to wonder what effects this new technology will have on the job market. This has been a topic in the air for some time now and has caused many to begin to prepare themselves for the possibility of job loss. Recently ChatGPT was asked about its potential to take away human jobs. The AI replied, “ChatGPT and other language models like it have the potential to automate…However, it’s important to note that language models like ChatGPT are not designed to replace human jobs, but rather to assist and augment them.” Many different countries are beginning to hop on the trend. Currently, China is developing its own AI chatbot service through its already existing AI service known as Baidu. This new service is supposed to mirror OpenAI’s own ChatGPT and if deadlines are met, is projected to release before Google launches its own AI. Another new technology that has been developed is DALL-E. DALL-E was released on January 5th, 2021, and is an AI system that can create realistic images and art from a description in natural language. ChatGPT is not allowed everywhere in the world. Countries with stricter privacy laws have banned AI. For example, some notable places that don’t allow ChatGPT are Russia, China, Egypt, Iran, and Ukraine. 

ChatGPT is currently valued at $14 billion. This newfound source of value will certainly have effects on the digital world. Many companies such as Meta, Canva, and Shopify are all already starting to implement the technology into their businesses. As the technology continues to develop and gain more notoriety, it is to be expected that many more companies will elect to implement ChatGPT into their companies.

With the new generation of technology storming the markets, the potential for change is almost certain. ChatGPT is taking over the technology market by storm and is currently leading this revolution and allowing for the emergence of other similar AI technology. As these AI innovations continue to develop, the world of international business is in for a huge awakening.