Goldman Sachs testing AI software engineer to boost productivity
Goldman Sachs is testing an AI software engineer named Devin from Cognition Labs to join their human developers, aiming to boost productivity by three to four times. Companies like JPMorgan Chase and Morgan Stanley are already using AI assistants, with AI generating about 30% of code at some tech giants like Microsoft and Alphabet.
Devin, valued at nearly $4 billion, is the first AI software developer to be used by a major bank like Goldman Sachs. Cognition Labs, backed by investors like Peter Thiel, has seen a doubling in valuation to nearly $4 billion, with champion coders on staff. Goldman does not have a stake in Cognition.
Goldman’s move to implement AI could lead to job cuts on Wall Street and beyond, with banks expected to cut up to 200,000 jobs in the next three to five years due to AI adoption. Goldman’s tech chief, Marco Argenti, envisions a “hybrid workforce” where humans and AI work side by side, with engineers supervising AI work in a cooperative manner. 1. The stock market saw a significant increase today, with the S&P 500 reaching a record high of 4,300 points. This surge was fueled by positive economic data and strong earnings reports from major companies.
2. The unemployment rate fell to 5.9% in June, marking a decline from the previous month’s rate of 6.1%. This is a positive sign for the economy as more people are returning to work following the COVID-19 pandemic.
3. In international news, tensions are rising between the US and China over trade policies and human rights issues. The US has imposed sanctions on Chinese officials for their alleged involvement in human rights abuses in Xinjiang province.
4. The European Union has announced plans to invest €20 billion in artificial intelligence research and development over the next decade. This move is aimed at boosting Europe’s competitiveness in the global AI market and driving innovation in key industries.
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1. The U.S. economy added 943,000 jobs in July, surpassing expectations, while the unemployment rate dropped to 5.4%. This marks a significant improvement from June when the economy added 938,000 jobs.
2. Tesla reported a record quarterly profit of $1.14 billion, driven by strong sales of its electric vehicles. The company’s revenue also exceeded expectations, reaching $11.96 billion in the second quarter.
3. Apple announced plans to scan U.S. iPhones for child sexual abuse material, sparking privacy concerns among users and advocacy groups. The company emphasized that the feature is designed to protect children and will not compromise user privacy.: Goldman Sachs autonomous coder pilot marks major AI milestone