Growing AI Race Creates Vacuum for Appropriate Talent Among Tech Giants

Highlights
- The need for AI expertise is growing due to a lack of candidates and layoffs in other tech-related fields.
- AI is expected to influence nearly two-thirds of the job in the future.
- Artificial intelligence will be a significant future revenue stream for IT companies.
Tech giants across the globe have been trying to keep up in the AI race. However, a growing demand for artificial intelligence products also creates a requirement for necessary talent. A new Wall Street Journal (WSJ) report highlights that the need for AI expertise is growing due to a lack of candidates and layoffs in other tech-related fields.
AI Race Creates Vacuum of Jobs
The WSJ further highlights that in an attempt to attract individuals with generative AI expertise—the kind that powers ChatGPT and other human-like bots—tech companies are offering million-dollar annual compensation packages, expedited stock-vesting timetables, and the ability to poach whole engineering teams. They are in competition with startups and with each other to become the next big thing to take down the industry titans.
Read Also: Coinbase SEC Lawsuit: Here’s What Comes Next After Key Ruling
2/3 of Jobs Will have Exposure to AI in the Future
As CoinGape previously reported, according to Fred Havemeyer, head of software and AI research at Macquarie, the application of generative AI software will start to gain popularity around 2024. AI is expected to influence nearly two-thirds of the job in the future.
An excellent example of this is Apple’s recent announcement that it will focus on AI products going forward. The ambition of IT companies to make a tidy profit from artificial intelligence services drove this move. Furthermore, Microsoft is expanding its artificial intelligence technology portfolio in the same sector by adding significant players. In the future, people will need to have appropriate skills in a variety of disciplines to seek employment, as the majority of enterprises deal with AI goods. With AI becoming a necessary job skill, a growing demand for related courses and college degrees has also emerged in the market in recent times.
AI Race To Help Tech Giants
Given that artificial intelligence is being used in an increasing number of jobs, it is likely to become a significant growth factor. The current growth at Nvidia is a great illustration of the significance of artificial intelligence to many of the largest names in the business. On $22.1 billion in revenue, Nvidia reported adjusted profits per share (EPS) of $5.16 for the quarter. Analyst projections included $20.4 billion in revenue and $4.60 in earnings per share.
Artificial intelligence will be a significant future revenue stream for IT companies. Between 2023 and 2030, the global AI market is projected to develop at a compound annual growth rate (CAGR) of 37.3%.
Read Also: Venmo and Cash App’s Antitrust Case Against Apple Falls Flat in Court
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing