“I am ChatGPT, a large language model trained by OpenAI. My purpose is to assist and communicate with users in natural language. I can help answer questions, provide information on a wide range of topics, engage in conversations, and perform various tasks based on the user's input.”
This is the answer ChatGPT gives when you ask the chatbot the burning question: “who are you?
Artificial Intelligence like GPT4, paLM-E, and Stability AI might be the biggest technology shift humanity has faced and at the same time the biggest deflationary shock (suppose inflation is already much lower than one might expect, also considering huge lay-off waves across META, Accenture, Google, Amazon etc...).
Why? AI and automation reduce labor costs by replacing human workers with machines and software. It can also increase productivity by performing tasks more quickly and accurately than humans, which can lead to higher output without an equivalent increase in labor costs. Thirdly, AI can improve the accuracy and efficiency of decision-making processes, which can reduce waste and improve resource allocation. All of this can lead to lower prices for goods and services as companies are able to produce and deliver products more efficiently and at a lower cost.
Artificial intelligence has been a topic of interest and development for many years. According to a report by Statista, global spending on artificial intelligence (AI) systems is expected to reach approximately 110 billion U.S. dollars by 2024. Additionally, the report states that the AI software segment is expected to be the largest contributor to this spending, followed by hardware and services.
Global spending on cognitive and AI systems reached $79.2 billion in 2022. In addition, the total amount of funding raised by AI startups globally reached $33 billion in 2020.
ChatGPT has seen the fastest surge in users of all recent platforms. By February 2023 it has reached 1 billion website visitors! On the daily, ChatGPT has 25 million visitors.
In terms of industries, reports indicate that the biggest investors in AI are currently technology, finance, and healthcare sectors. However, it is expected that AI will have significant impacts on a wide range of industries in the coming years, including retail, manufacturing, and transportation.
With this growing impact of AI, also a fear has emerged for a various range of sectors that are scared of losing their job to bots like ChatGPT. A study by Oxford even suggests that 47% of the jobs in the U.S. might be at risk. Copywriters, journalists, customer-service agents, paralegals, coders, and digital marketers are all watching the developments of the AI very closely. Will it take their jobs? Or will it perhaps enhance their jobs? The exact effects are hard to predict and can range from adapting a new way of work (when for example computers or smartphones made their entrance) to completely taking over jobs (like automated machine tools).
The possibilities with AI are endless. Recently a hacker found that with plugin’s ChatGPT users can do so much more. With the plugin’s they can browse thousands of stores, book and organize holidays, explore magazine articles, and engage in gaming. Also, consumers can generate videos, view live sports stats, monitor cryptocurrency prices, and solve complex mathematical problems.
And still we can’t grasp all the knowledge these AI bots possess: Recently a story came to light about a chatbot user that was able to save his dog with the use of AI. He entered the reports from the vet into the AI application, which pointed out the differences between the reports and the possible causes.
This all of course started with the disclaimer “I’m not a vet, but…”
Should we worry?
So how about the real estate and proptech sector?
AI has already given a strong warning to architects as it is quickly advancing to a point where it can generate the design of a building completely autonomously! With these developments. architects as we know it, may slowly become a profession of the past.
In the real estate sector as a whole, the use of ChatGPT could be beneficial. For example, the technology can help with listing descriptions and repurposing them for different platforms. It can also help with improving your emails by making them more persuasive or generating new ideas for content, marketing or video scripts.
In proptech, AI is not a new beast. Many proptech companies already use AI in some form or another and we at The Proptech Connection are seeing increased interest from our investor network in Proptechs leveraging AI + embedded into their business model.
However, it's unlikely that artificial intelligence will replace property managers. Augmenting services with AI and Proptech can help improve, but tenants and investors still demand human connection. One survey reports that 80% of consumers that have interacted with a chatbot said it only made them more frustrated! More than 50% believe that customer experience would’ve been faster, easier, and overall better if they had dealt with a human.
It seems like we are going through a curve, from thinking ChatGPT can answer everything and will take over my job, to recognizing it is more an enhancement of productivity.
In conclusion we can say that the emergence of AI and chatbots like ChatGPT represents a significant shift in the way we interact with technology. As these systems become more sophisticated, they have the potential to revolutionize industries such as customer service, healthcare, and education. While there are still many challenges to overcome in the development and implementation of AI, it is clear that these technologies will play an increasingly important role in our lives in the years to come. Considering ChatGPT's rate of improvement (ChatGPT-4 is 82% better than ChatGPT-3.5 on some metrics), it's evident that ChatGPT has the potential to reshape the internet as we know it in just a few years.
The accelerating development of AI generates fear among lots of professionals, that their job will be taken. But just like for any other major shifts, we can fear it or lean into it and use it!
For more insights or to partner with us to get market access to the largest Proptech network globally contact us!