What If Artificial Intelligence Prevailed?

The effect of AI is set to unfold further in 2024. (ShutterStock)
The effect of AI is set to unfold further in 2024. (ShutterStock)
TT

What If Artificial Intelligence Prevailed?

The effect of AI is set to unfold further in 2024. (ShutterStock)
The effect of AI is set to unfold further in 2024. (ShutterStock)

In the dynamic landscape of 2023, one of the pivotal factors driving the ascent of technology company stocks lies in the prevailing optimism surrounding artificial intelligence (AI) and its anticipated impact. The effect of AI is set to unfold further in 2024.

However, the question that looms large is whether AI poses a threat to the job market, potentially disrupting the livelihoods of the majority of workers and employees starting from the upcoming year.

This inquiry has not only been posed by many observers, but has also been championed by tech magnate Elon Musk, who advocates for legislations to curb the proliferation of AI. Musk argues that machines, endowed with faster problem-solving and data processing capabilities, might ultimately turn against humanity.

Yet, the lingering question remains: is this assertion an exaggeration, or is it a plausible scenario?

Many viewpoints suggest that AI will obliterate the realm of asset management and financial markets, supplanting traditional practices.

However, such a perspective is inherently limited in comprehending the intricacies of both AI and human intelligence. AI fundamentally operates based on the quantity of input from historical information, employing statistical analysis to sift through and formulate logic.

Conversely, human relationships with the past are subjective, and depth of understanding is often confined to specific details. Human choices regarding issue details are frequently not driven by specific logical reasons, as they may be influenced by entrenched beliefs or unfounded suspicions.

Human behavior is often characterized by irrationality, yet within the realm of the human mind lies the capacity for logic. Consequently, many human opinions and thoughts prove unpredictable, even as human logical behavior pertains to specifics and details rather than adhering to the past as an absolute rule.

The intelligent and successful human mind engages with the past qualitatively, often inclined toward skepticism and criticism, in stark contrast to machines, which may struggle to delve into crucial details and rely quantitatively on the past, lacking a qualitative understanding even if equipped with logical reasoning.

Take, for instance, the divergence of human intelligence in predicting Federal Reserve policies—whether to raise, defer, or reduce interest rates—an inconsistency that reverberates through financial markets. Similarly, in the 2007 financial crisis, human intelligence varied in assessing the quality of mortgage assets, leading to the profound economic turmoil that shook markets.

In both crises, a minority sensed the impending danger early on and took preemptive action—a distinctly human trait stemming from the unrestricted and independent nature of the human mind.

Machines, on the other hand, struggle to transcend the average human estimates and often fall prey to errors. For instance, during the coronavirus pandemic, the lack of historical information posed a challenge for AI, resulting in predominantly speculative outputs and fears.

This highlighted the inadequacy of AI in developing suitable models for proposing optimal solutions in the absence of historical data.

AI represents a significant leap in human progress, streamlining traditional and routine tasks, mitigating some human errors, and expanding the scope for innovation and initiative.

The beauty of innovation lies in its maturation over time. While it is anticipated that average human lifespan will increase in the future, the peril of this intelligence lies in its potential to eliminate jobs requiring human initiative and interpersonal skills, potentially widening social disparities and global wealth gaps.

Plato’s ancient assertion that the elite use their intellect while the lower class relies on physical labor resonates through the ages, highlighting the enduring societal implications.

Ultimately, AI serves as an augmentation to human evolution rather than a threat. Therefore, humans must prioritize continuous education, recognizing that knowledge knows no age or bounds.

Humanity should break away from conventional thinking, critically evaluate the past, and, above all, remember to laugh, love, dream, and maintain optimism for the future.



War-Ravaged Gaza Faces Multi-Billion Dollar Reconstruction Challenge

Destroyed buildings are seen through the window of an airplane from the US Air Force overflying the Gaza Strip, on March 14, 2024. (AP)
Destroyed buildings are seen through the window of an airplane from the US Air Force overflying the Gaza Strip, on March 14, 2024. (AP)
TT

War-Ravaged Gaza Faces Multi-Billion Dollar Reconstruction Challenge

Destroyed buildings are seen through the window of an airplane from the US Air Force overflying the Gaza Strip, on March 14, 2024. (AP)
Destroyed buildings are seen through the window of an airplane from the US Air Force overflying the Gaza Strip, on March 14, 2024. (AP)

Billions of dollars will be needed to rebuild Gaza after the war between Israel and the Palestinian group Hamas, according to assessments from the United Nations.

Israel and Hamas agreed to a deal to halt fighting in the enclave and swap Israeli hostages for Palestinian prisoners, an official briefed on the agreement said on Wednesday.

Here is a breakdown of the destruction in Gaza from the conflict prompted by the Oct. 7, 2023 attack on Israel by Hamas, which at the time ruled the Palestinian enclave.

HOW MANY CASUALTIES ARE THERE?

The Hamas attack on Israel killed 1,200 people, according to Israeli tallies. Israel's retaliation has killed more than 46,000 people, according to Gaza's health ministry.

HOW LONG WILL IT TAKE TO CLEAR THE RUBBLE?

The United Nations warned in October that removing 42 million tons of rubble left in the aftermath of Israel's bombardment could take years and cost $1.2 billion. A UN estimate from April 2024 suggested it would take 14 years to clear the rubble.

The debris is believed to be contaminated with asbestos, with some refugee camps struck during the war known to have been built with the material. The rubble also likely holds human remains. The Palestinian Ministry of Health estimated in May that 10,000 bodies were missing under the debris.

HOW MANY BUILDINGS HAVE BEEN DESTROYED?

Rebuilding Gaza's shattered homes will take at least until 2040, but could drag on for many decades, according to a UN report released last year.

Two-thirds of Gaza's pre-war structures - over 170,000 buildings - have been damaged or flattened, according to UN satellite data (UNOSAT) in December. That amounts to around 69% of the total structures of the Gaza Strip.

Within the count are a total of 245,123 housing units, according to an estimate from UNOSAT. Currently, over 1.8 million people are in need of emergency shelter in Gaza, the UN humanitarian office said.

WHAT IS THE INFRASTRUCTURE DAMAGE?

The estimated damage to infrastructure totaled $18.5 billion as of end-January 2024, affecting residential buildings, commerce, industry, and essential services such as education, health, and energy, a UN-World Bank report said.

An update by the UN humanitarian office this month showed that less than a quarter of the pre-war water supplies were available, while at least 68% of the road network has been damaged.

HOW WILL GAZA FEED ITSELF?

More than half of Gaza's agricultural land, crucial for feeding the war-ravaged territory's hungry population, has been degraded by conflict, satellite images analyzed by the United Nations show.

The data reveals a rise in the destruction of orchards, field crops and vegetables in the Palestinian enclave, where hunger is widespread after 15 months of Israeli bombardment.

The UN Food and Agriculture Organization said last year that 15,000 cattle, or over 95%, of the total had been slaughtered or died since the conflict began and nearly half the sheep.

WHAT ABOUT SCHOOLS, UNIVERSITIES, RELIGIOUS BUILDINGS?

Palestinian data shows that the conflict has led to the destruction of over 200 government facilities, 136 schools and universities, 823 mosques and three churches. Many hospitals have been damaged during the conflict, with only 17 out of 36 units partially functional as of January, the UN humanitarian office's report showed.

Amnesty International's Crisis Evidence Lab has highlighted the extent of destruction along Gaza's eastern boundary. As of May 2024, over 90% of the buildings in this area, including more than 3,500 structures, were either destroyed or severely damaged.