Sara Fryar, the Chief Financial Officer (CFO) of OpenAI, discussed the impacts of artificial intelligence on the job market in an interview with CNBC on Tuesday. She stated that artificial intelligence reduces the need for certain repetitive jobs, but this change mainly involves jobs recognized as lower-value.
Efficiency of Artificial Intelligence in Finance
Fryar referred to the use of her company's products in the finance department and said, "We are undoubtedly doing things with our products in finance that limit the number of people we need." She pointed to a specific example, stating, "Credit checks are one of the repetitive tasks that were performed 2,800 times last year." Fryar also questioned whether there is really a need for a junior analyst to perform such repetitive tasks or if an intelligent model could be used instead.
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High Return on Investment
Fryar mentioned the significant return on investment achieved through the use of artificial intelligence, stating that the cost of each credit check has decreased from $200 to about 17 cents. She emphasized, "This is an excellent ROI for a CFO." These changes allow organizations to delegate repetitive tasks to AI models and enable individuals to focus on more complex and valuable work.
While Fryar speaks of the benefits of artificial intelligence, some prominent figures in AI have issued more serious warnings about the impacts of this technology on employment. Dario Amodei, CEO of Anthropic, has stated that AI could eliminate half of entry-level jobs. Additionally, Geoffrey Hinton, a Nobel Prize-winning computer scientist known as the "godfather of AI," recently stated that such predictions are likely correct.
In an interview, Hinton noted that although AI is still failing in some tasks, it is rapidly improving. He said, "We are in very early stages. This is a new technology and is improving quickly."
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