Fed chair Powell talks generative AI at central bank event

seekingalpha07-03

U.S. Federal Reserve chair Jerome Powell on Tuesday said that the central bank was looking into the possible effects of generative artificial intelligence (AI) on productivity, inflation and the labor...

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Powell's comments came at a panel discussion at the European Central Bank's  Forum on Central Banking in Sintra, Portugal. Generative AI has become the biggest craze in the technology sector today, especially since the development and release of ChatGPT in November 2022. Giants such as Microsoft , Alphabet  and Apple  have poured billions into creating large language models, chatbots and content generating AI. \"You see this massive investment boom, you see serious people in the private sector and the public sector. There's a sense of something big coming here. And it feels like what that will be, is it will eliminate some jobs, it will create some new jobs,\" Powell said at the ECB event. \"And the question really is, for many people, will it augment their labor and make them more prod","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4567":"ESG概念","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4535":"淡马锡持仓","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","AAPL":"苹果","BK4538":"云计算","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","AIQ":"Global X Future Analytics Tech ETF","LU0528227936.USD":"富达环球人口趋势基金A-ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","GINN":"Goldman Sachs Innovate Equity ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","BK4097":"系统软件","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","DTEC":"ALPS Disruptive Technologies ETF","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","BK4512":"苹果概念","IRBO":"iShares Robotics and Artificial Intelligence Multisector ETF","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BOTZ":"Global X Robotics & Artificial Intelligence Thematic ETF","GOOG":"谷歌","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","GOOGL":"谷歌A","BK4514":"搜索引擎","ROBT":"First Trust Nasdaq Artificial Intelligence and Robotics ETF","MSFT":"微软","TECB":"iShares U.S. Tech Breakthrough Multisector ETF","XT":"iShares Exponential Technologies ETF","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","THNQ":"ROBO Global Artificial Intelligence ETF"},"translate_title":"美联储主席鲍威尔在央行活动上谈论生成式人工智能","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AIQ":1,"XT":1,"US7Y.BOND":1,"US6M.BOND":1,"US5Y.BOND":1,"US3Y.BOND":1,"US30Y.BOND":1,"US2Y.BOND":1,"US12M.BOND":1,"US10Y.BOND":1,"THNQ":1,"TECB":1,"ROBT":1,"IRBO":1,"GINN":1,"DTEC":1,"CHAT":1,"GOOGL":1,"BOTZ":1,"US912797GB79.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6,"AAPL":0.3,"MSFT":0.3,"GOOG":0.3},"content_text":"U.S. Federal Reserve chair Jerome Powell on Tuesday said that the central bank was looking into the possible effects of generative artificial intelligence (AI) on productivity, inflation and the labor market.  Powell's comments came at a panel discussion at the European Central Bank's (ECB) Forum on Central Banking in Sintra, Portugal. Generative AI has become the biggest craze in the technology sector today, especially since the development and release of ChatGPT in November 2022. Giants such as Microsoft (MSFT), Alphabet (GOOG)(GOOGL) and Apple (AAPL) have poured billions into creating large language models, chatbots and content generating AI. \"You see this massive investment boom, you see serious people in the private sector and the public sector. There's a sense of something big coming here. And it feels like what that will be, is it will eliminate some jobs, it will create some new jobs,\" Powell said at the ECB event. \"And the question really is, for many people, will it augment their labor and make them more productive? Or will it eliminate their job? I just don't think we know that. It's too early to say,\" the Fed chief added.  Goldman Sachs Research last year estimated that breakthroughs in generative AI could drive a 7% increase in global gross domestic product and lift productivity by 1.5 percentage points over a 10-year period. Goldman also estimated that 300M full-time jobs could be affected. \"There's not a lot a central bank can do about that,\" Powell said. \"But, like everybody else, we're meeting with all the experts and asking ourselves what will be the effects on productivity, on inflation, on growth, and will it be enormously displacing and if so, for whom? One thought is that it'll be more people doing white-collar jobs who are writing press releases and things like that. So, we just don't know,\" he added. \"It's something we're investing a lot of time and effort. We're not using generative AI, we're very carefully looking at other forms of (AI that) are in fairly common use in American business and I believe we use some of that,\" the central bank chair concluded. For investors looking to track AI, here are some exchange-traded funds that can be followed: (AIQ), (BOTZ), (DTEC), (GINN), (IRBO), (ROBT), (TECB), (XT), (THNQ), and (CHAT).  More on AI  Meta's AI privacy policy suspended by Brazilian regulators: report AI chip startup Lightmatter hires Nvidia's Jankowski as CFO Google to require advertisers to disclose digitally altered content in election ads Google's Accelerated Path To $3 Trillion Market Cap (Rating Upgrade) Long-term beneficiaries of AI, according to Goldman Sachs","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2448197599"}