The Rise of ChatGPT Associated with a Significant Decline in Developer Hiring, According to a Fed Study

A preliminary study by the U.S. Federal Reserve reignites the debate about the impact of artificial intelligence on tech and the crypto ecosystem. According to economists Leland D. Crane and Paul E. Soto, the rise of ChatGPT after November 2022 coincides with a sharp slowdown in employment among developers in the United States. Over three years, this shortfall would represent about 500,000 jobs that probably would have existed without the rapid rise of large language models.

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