Human resources and technology concept of artificial intelligence enhanced teamwork.
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The rise and impact of artificial intelligence (AI) is astonishing. According to data from Goldman SachsU.S. investment in artificial intelligence is expected to reach US$100 billion next year, and global investment will reach US$200 billion. Last year, in private equity alone, Generative artificial intelligence (GenAI) investment reaches US$2.18 billion – Double the previous year.
Yet while we often hear about the boundless promise of artificial intelligence—and we should—we also need to pay more attention to the careers, lives, and communities it will disrupt, including those who have hitherto been excluded. For example, According to a recent McKinsey studyAfrican Americans are 10% more likely Engage in artificial intelligence automation. Additionally, the same study predicts that AI will disrupt the jobs of 4.5 million black workers. This disruption has the potential to impact billions of dollars in Black economic potential and growth. If current trends continue, the new wealth created by GenAI alone will The racial wealth gap increases by $43 billion every yearAccording to McKinsey.
We have seen firsthand how the rapid adoption of technology can widen gaps and create new divisions. One need only look at the creation and adoption of computers and the Internet. In 1987, economist Robert Solow famously asserted: “You can see the computer age everywhere except in the productivity statistics.” Today, we almost take it for granted that the digital age has brought How much productivity has been achieved. However, the digital age has also created Digital gapwhich exacerbates racial economic disparities. And one of the consequences of failing to address this digital divide and ensure that Black and other communities have access to broadband without access to resources and opportunities is limited engagement with these tools.
How to prevent the gap between rich and poor from reappearing
As we are at the beginning of the next revolution in artificial intelligence and its early wave of value creation, our urgent task is to prevent the gap from recurring. We can do this by getting everyone involved and becoming leaders in this growing field, reaping greater benefits for our economy. The first is the infrastructure that supports everyone to realize artificial intelligence, including artificial intelligence tool education, network access and computing power.
A model is the work being done Student Freedom Initiative (SFI). As a first step, we must work to eliminate existing digital broadband divide. SFI has been working to bridge the digital divide in Black communities, including Historically Black Colleges and Universities (HBCUs), 82% of them are located in broadband deserts. This is a critical gap that must be bridged in order to provide the next generation of diverse leaders with the resources, education, and technology they need to master this evolving technology.
We must also redouble our efforts to provide education about these tools. A combination of critical thinking and technical skills is increasingly a prerequisite for effective interaction with GenAI. Our education system, particularly secondary and higher education institutions, must play a key role in providing students with these essential skills.
Partnering with Stats Perform, a global leader in artificial intelligence solutions for the sports industry and a portfolio company of My Global Investments, Vista Equity PartnersSFI launched Morehouse College’s “Basketball Artificial Intelligence” Course last year. This course provides hands-on guidance on artificial intelligence use cases to help students become leaders in the field. It also provides internship opportunities for students to apply their knowledge in real-world settings, allowing them to gain experience and a competitive resume for an AI career. Soon, we will expand these courses to other HBCUs, creating access to this growing industry.
Another notable example is the ongoing work TraineeXLproviding free training and certification opportunities in artificial intelligence, data science and machine learning, including access to more than 500 artificial intelligence training courses. The internXL program also connects highly qualified HBCU students with artificial intelligence experts and employers for internships, allowing them to gain practical experience in the field. Internships are crucial—— Research Showing an internship with the recruiting organization or in the same field is one of the biggest differentiating factors used in selecting qualified candidates. This work is closing the access gap and ensuring underrepresented talent thrives in the fast-growing and in-demand field of artificial intelligence.
Finally, we must ensure widespread use of computing or processing power to run these new tools and their applications. If we take smartphones as an example, computing is only possible thanks to telecom organizations updating their infrastructure to handle 4G, 5G, and LTE—all of which are underinvested in Black communities. If we want to take full advantage of AI’s potential impact on the economy, all communities need access to these tools and the infrastructure that supports the technology. This includes computing power, the necessary energy, and large language models and other machine learning and inference tools.
economic loss
We know the racial wealth gap costs the U.S. economy Will reach US$1 trillion to US$1.5 trillion between 2019 and 2028. Imagine what it would mean for the economy if we took steps to prevent artificial intelligence from becoming the new economic wedge, and instead it became a rich source of wealth for a generation. What if we could ensure these tools were available to the global community? As long as we take appropriate steps to prevent these tools from mimicking and reinforcing racial bias, the innovation and economic growth it spurs has the potential to close many gaps and bring prosperity to all.
Based on the current development trajectory of artificial intelligence, there will be three different waves of opportunities through which value can be obtained. We are already seeing the first wave of value creation benefiting hardware vendors. The second wave will flow to superscalers, e.g. Microsoft, Google, Oracle and other large companies with the ability to provide computing connectivity broadly. The third wave will benefit enterprise software vendors that offer artificial intelligence and GenAI solution sets on top of existing products. These are three different verticals where we must focus our efforts to impact the long-term growth of artificial intelligence and GenAI.
The good news is that, unlike the digital revolution, we have foresight. As AI evolves, with established companies and new startups expanding products, developing capabilities, and capturing value at every stage, we must work to ensure everyone has access to AI’s incredible benefits. If we fall short, we will not and will not be able to fully exploit and unleash its potential. As we stand at these crossroads, we must think broadly and act decisively to ensure we build the infrastructure to support the implementation of artificial intelligence and GenAI.
Robert F. Smith He is the founder, chairman and CEO of Vista Equity Partners. he serves as chairman Student Freedom Initiative (SFI) Carnegie Hall, founding director and president of Fund II, Southern Community Initiative (SCI). In 2019, Smith forgave the student debt of approximately 400 Morehouse College graduates and was named one of Time’s 100 Most Influential People in 2020.
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