From the Wall Street Journal:

“How ChatGPT Brought Down an Online Education Giant
Chegg’s stock is down 99%, and students looking for homework help are defecting to ChatGPT”

This is an excellent example of job loss due to AI. From the article:

“Since ChatGPT’s launch, Chegg has lost more than half a million subscribers who pay up to $19.95 a month for prewritten answers to textbook questions and on-demand help from experts. Its stock is down 99% from early 2021, erasing some $14.5 billion of market value.”

Chegg is a clear loser, but so is just about every website that offered to write essays for students. Imagine watching your profits disappear and seeing your entire business model collapse before your eyes.

This is just one example. There are many fields and jobs that either have disappeared or are going to disappear. Just think about the shift that’s already happening. People who thought they were in stable jobs, stable careers, are now realizing that they might be obsolete.

There will be new jobs, but more often than not there will be a condensing of jobs… one person where there used to be five, maybe ten people. For example, if a company had 5 writers producing daily articles for websites, they could lay off all but their best writer, who now acts as an editor for articles written by AI. Keep the person that understands the audience best, and that person ensures the AI writing is on point.

Code writing, data analysis, legal services, finance, and as mentioned above, media and marketing, these are but a handful of areas where AI is going to undermine the job market. And jobs are going to disappear, if they haven’t already. This has been something mentioned a lot, but the demise of a company like Chegg, with no vision for how they can pivot, is a perfect example of how this isn’t just a problem of the future, it’s happening right now.

Where will this lead in the next 5 years? What does the future job market look like?

Will there be new jobs? Of course! Will the job loss outpace the creation of new jobs? Very likely. And so where does that lead us?

Maybe it’s time to take a hard look at Universal Basic Income. Maybe it’s time to embrace AI and really think about how to use it in a way that helps us prosper, rather than to help us write emails and word things better. Maybe it’s time to accept that the AI infused world we live in now is going to undermine the current job market, and forever change whole industries. This isn’t some dystopian future, this is happening right now.