![]() ![]() This is a great way to describe the promise of AI.Ĭomputers were able to simplify and automate jobs with clear rules, tasks such as taxes or other paperwork. Modern machine learning techniques now allow us to do the same for tasks where describing the precise rules is much harder." "Over the past decades computers have broadly automated tasks that programmers could describe with clear rules and algorithms. It's hard to put into words what AI is - many of the terms people use are very technical - but Amazon CEO Jeff Bezos just summed up everything most people need to know about artificial intelligence in his latest shareholder letter. Bezos is likely recommending they stockpile cash to help them survive that painful squeeze.New advances in artificial intelligence and machine learning promise to make some jobs obsolete through automation and change our world forever, experts say. The upshot is that American consumers and businesses may have to weather soaring prices, surging borrowing costs, and a shrinking economy. It has hiked them from nearly zero in March to a range of 3.75% to 4% today, and indicated they could peak above 5% for the first time since 2007. The US central bank is rushing to cool the economy and alleviate upward pressure on prices by raising interest rates. ![]() They have pointed to the Federal Reserve's efforts to combat inflation, which surged to a 40-year high of 9.1% in June, and remained at 7.7% in October. Leading investors, executives, academics, and analysts have sounded the recession alarm this year. Amazon has been cutting costs, slowing spending, and freezing hiring for certain roles in recent months, likely in preparation for a tougher economic backdrop. Andy Jassy, who succeeded Bezos as Amazon's CEO last summer, appears to share his predecessor's recession fears. ![]()
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