AI and the $1.4 Trillion side hustle economy

Read time: 2.5 minutes

Welcome back, superhuman

Side hustles are here to stay. At least that’s what Morgan Stanley thinks, with a whopping 93% of creators and 90% of e-commerce sellers saying that they’re using AI to increase their revenue.

We’re covering that and a lot more in today’s issue. Let’s dive right in.

TODAY’S MENU

• Insight: Morgan Stanley says AI could boost side hustles by up to $200 billion

• 5 AI tools to supercharge your productivity

• Governance and Policy: The UK’s 7 AI principles, IRS deploys AI to catch evaders

• AI Tutorial: Generate mesmerizing fusion art

• AI Generated Images: Star Wars x Norman Rockwell

TODAY IN AI & TECH

• Handy Helper: Google’s ChatGPT competitor can now find answers in your Gmail, Docs, and Drive.

• Giving Back: Mark Zuckerberg and Priscilla Chan are building an expensive new AI GPU cluster to help medical research.

• Breakfast Bot: Toyota is building an AI-powered breakfast bot.

• Weather Proof: AI Startup Avalo wants to use AI to speed up the creation of climate-resistant crops.

• Brainiac: Neuralink is now accepting humans for brain implant trials

INSIGHT

Morgan Stanley: AI could make side hustles a $1.4 Trillion industry by 2030

Turns out side hustles aren’t just a passing phase in the economy. A new report from Morgan Stanley says that the side hustle economy (or ‘multi earning’ in their words) has evolved into a “secular growth theme, with generative AI the differentiator.”

Key insights from the report:

• The bank expects AI to boost gig workers’ income by somewhere between $83 Billion and $300 Billion.

• 93% of content creators and 90% of e-commerce sellers said they’ve increased their revenue using AI.

• The findings held true across different regions of the world.

• Enthusiasm for AI is exceeding that of crypto among gig workers.

• Respondents who work at places that have banned AI tools are twice as likely to want to quit their jobs.

But just because it’s in a report doesn’t necessarily mean it’s true. The Financial Times raised doubts about the report’s accuracy by pointing to the lack of availability of strong data to back such claims. The Times also pointed to the fact that respondents may be overestimating how much they’re actually making thanks to AI.

AI is certainly adding fuel to the side hustle economy — this newsletter started out as a side hustle thanks to AI — but it remains to be seen how much value gig workers and side hustlers can really generate in the long run.

Our 2 cents? There’s definitely lots of opportunity to build side hustles with AI, but maybe don’t quit your job just yet.

source, source

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GOVERNANCE AND POLICY

The most notable developments in AI governance and policy

UK antitrust regulator lays out 7 AI principles

The Competition and Markets Authority (CMA) of the UK has proposed 7 principles for the regulating AI, with a special emphasis on foundation models. Here’s the list of principles:

• Accountability: Entails taking responsibility for the outcomes of AI models.

• Broad Access: Allowing for widespread access to chips and training data.

• Diverse Business Models: Promoting a variety of business models.

• Interoperability and flexibility: Allowing for adaptive use and integration.

• Anti-competitive Behavior: Avoiding monopolistic actions.

• Transparency: Providing information about the potential hazards and limits of AI.

• Consumer Protection: Keeping people safe from underperforming AI systems.

Source

More companies commit to the White House AI safety accord

In an agreement with the White House, Adobe, IBM, and Nvidia promised to build safe and responsible AI. The corporations will put AI systems to the test, invest in safeguards, exchange risk information, facilitate vulnerability reporting, and address social issues. Read more

The AI hype train has stalled in China

Enthusiasm for AI in China has faded because of regulatory uncertainties, chip shortages, and an economic recession. Limited GPU supply, ambiguous rules, and limited online data access all inhibit AI advancement. Economic pressures force firms to turn to AI-powered automation to cut expenses. Read more

US eyes AI regulations that tempers rules and innovation

The global AI regulatory environment is changing, with the EU and the US playing major roles. While the EU has been fast to regulate, the US prefers a more measured approach. The majority of AI advances occur in the US, but over-regulation may transfer research overseas. Read more 

I.R.S. deploys AI to catch tax evasion

The IRS is utilizing AI to investigate tax fraud in huge partnerships. This is part of the IRS's effort to target rich tax evaders with the $80 billion from the Inflation Reduction Act. The IRS underlines the need for these services, citing previous difficulties with complicated situations. Read more (may require NYTimes subscription)

AI TUTORIAL

How to create mesmerizing AI fusion art

• Go to the Fusion Art website and Sign Up (you get 25 free credits)

• Now select the template from the list. You can also upload your own image as a reference template.

• Once you have selected the template, you can enter your image description to get the desired image output.

• Additionally, you can adjust the aspect ratio and other added features.

• Then, hit "Generate."

I used the image description below:

Painting of a medieval European street, Renaissance style, people roaming, 3d

AI-GENERATED IMAGE

Star Wars x Norman Rockwell

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Thanks for reading.

Until next time!

Zain

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