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This week’s must-know stories:
ChatGPT’s Impact on the Job Market – “While ChatGPT stokes fears of mass layoffs, new jobs are being spawned to review AI”
While the rise of generative AI, like ChatGPT, has sparked concerns over job displacement, new roles are emerging that focus on reviewing AI outputs. Prolific, a UK-based company, compensates individuals for reviewing AI-generated content. The company collaborates with major entities like Meta, Google, and academic institutions. These human reviewers provide essential feedback on AI outputs, ensuring accuracy and preventing harmful content generation. The CEO of Prolific, Phelim Bradley, emphasizes the importance of “AI workers” in shaping AI models and ensuring ethical AI development. Source
Amundi’s Tokenization Plans – “$2 trillion asset manager Amundi eyes tokenizing money market funds”
Amundi, one of Europe’s largest asset managers with over $2 trillion in assets, is exploring the tokenization of money market funds in Italy. Gabriele Tavazzani, CEO of Amundi Italy, envisions creating the first tokenized fund under Italian law, which would be open, digitally native, and fungible. This move aligns with Italy’s growing interest in tokenization, with other firms like Azimut and MedioBanca also venturing into this space. Source
JP Morgan’s Tokenized Collateral Network (TCN) – “BlackRock, Barclays join JP Morgan’s Tokenized Collateral Network”
JP Morgan’s Onyx division has launched its TCN, with BlackRock and Barclays initiating transactions on the platform. The inaugural transaction involved BlackRock tokenizing shares in its Money Market Fund and using them as collateral with Barclays for a derivatives contract. Tokenization can expedite the transfer of asset ownership, offering instant settlements. This initiative aims to reduce operational friction in meeting margin calls, especially during market pressures. Source
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