Monty Cerf and his team manage wealth in partnership with a select group of clients: individuals, families offices, and foundations/endowments nationally in search of building long term value and achieving the specific objectives of clients with tailored solutions. Monty Cerf has a continuing interest in businesses and business models as technology and the world economy evolves.   In that context, he has an interest in the new and much ballyhooed ChatGPT is a current leader in the generative AI content market.  One expects continued to see significant investments in Chat GTP and rapidly emerging competitors from technology companies across the globe. While some fear that ChatGPT could lead to a reduction in jobs for content creators broadly defined, Monty Cerf notes that this and other emerging platforms could be a blessing for both economic and employment growth.

Monty Cerf Explains ChatGPT

ChatGPT is a chatbot developed by a United States-based AI research lab by the name of OpenAI. It elevates the technology seen from popular chatbots that are used on websites across the globe. While these chatbots welcome users to a site and can be programmed to respond to specific inquiries, ChatGPT focuses on generating text that is extremely similar to human conversation. GPT is part of a larger grouping of language AI models that are designed to quickly understand text and respond accordingly.

The possibilities generated by this type of technology are exciting in both the tech community and beyond. Its powers are already being integrated into businesses in all industries and all geographies around the world.  ChatGPT cannot only deliver conversational text in complete, grammatically correct sentences, but it can also translate foreign languages quickly, break down information from several sources at once to provide an easily digestible summary and even make users mirroring a quite human sense of humor.

Monty Cerf on How ChatGPT Became Capable of Incredible Feats

To understand how ChatGPT is able to accomplish the seemingly impossible consider a human with the ability to ingest vast amounts of content from digital sources around the world: academic papers, popular books and all of Wikipedia and elsewhere on the four corners of the web. It can not only ingest that information but retain it. This feat only became possible through the utilization of more than 45 terabytes of data. An entire network of computers worked together to in essence teach ChatGPT. Drawing on unimaginably large bodies of data, it can intuit answers and, from highly complex pattern recognition technologies, can form English (or another language) responses in a coherent form, be it lists, code, visual expression, or in an essay.  Its potential applications to solve problems or accelerate (or replace) human learning seem nearly infinite.

Monty Cerf on ChatGPT Concerns

Many people assume that ChatGPT will soon subsume large swathes of content creation Additionally, ChatGPT spokespeople have claimed that ChatGPT will add to the service provided by modern chatbots for customer service, offer mental health support for people in crisis, train or educate new employees and even work as personal assistants. With so many different uses, there’s a growing concern that artificial intelligence like this will lead to massive job losses across multiple industries.

Monty Cerf believes history has shown that fears over disruptive technologies taking jobs are nothing new. The current economy features more job openings than workers available to fill the roles. ChatGPT will most likely provide a way for businesses to fill some customer service positions and improve their overall service for their customer base. Humans will always be the first choice to fill vital roles within an organization. ChatGPT is more likely to help productive workers grow into even more productive employees than it is to take away their role entirely. As technology evolved we moved from the farm to the factory to the service economy to the technology economy and beyond.  Each time there was major employment destruction and material human suffering in transition.  But each time, over time, employment was redefined and replaced with more sophisticated higher value-added alternatives.  For example, 20 years ago, there were over 2,000,000  professionals who identified as “secretaries.”  Now there are almost none, but there are more people employed than ever before

Monty Cerf on AI Investment

Services like ChatGPT are in the very early stages.,  It is unclear how to invest in it.  That said, there are now thousands of businesses rushing to find creative ways to integrate the technology into their existing and new business models seeking more efficiency and productivity.  It’s a bit like “blockchain.”  It’s an important new technology, not a single company, not to be ignored, which, over time, will have an enormous impact on how we interact and do business.

To learn more about ChatGPT in the artificial intelligence industry,  Monty Cerf recommends this post from the UBS Editorial Team.