Argenti also likened the advent of powerful generative artificial intelligence systems such as ChatGPT to the invention of the printing press, and predicted the technology will transform how businesses store and organize institutional knowledge, according to the email. He also raised the question of whether A.I. could make rising inequality worse. Goldman Sachs declined to comment on Argenti's message. In the email, Argenti said that while others have said generative A.I. will be more impactful than the discovery of fire, the debut of the internet, or the move to cloud computing, he believed that a better analogy is the invention of the printing press, which had the effect of both democratizing access to knowledge as well as massively accelerating the codification of knowledge. Argenti said that while "efficiency gains are capturing a lot of the mindshare" he believed "LLMs are a breakthrough in knowledge more than they are in productivity."

Administrative and legal sectors are expected to be the most impacted, with 46% of administrative jobs and 44% of legal jobs being substitutable by AI. In contrast, physically-intensive professions such as construction and maintenance have a lower exposure of 6% and 4%, respectively, as reported by CNBCTV18. Meanwhile, AI is also seen as a tool to enhance economic growth. According to Goldman Sachs, AI could potentially increase annual global GDP by 7% over a 10-year period. Significant labor cost savings, new job creation, and higher productivity for non-displaced workers are seen as the areas that will boost growth. The research also shows that AI will impact roughly half of the activities people do across all sectors, and nearly all occupations will be affected by automation.

Goldman Sachs is experimenting with generative AI tools internally to help its developers automatically generate and test code, the company's chief information officer told CNBC. Marco Argenti, who joined Goldman as a partner from Amazon in 2019, said Tuesday that the firm's software engineers have been using the technology to automatically generate lines of code. It is currently in a "proof of concept" stage and not yet ready for production, he added. "Developers are already using some of the assisted coding technology," Argenti told CNBC's Arjun Kharpal at the Goldman Sachs technology symposium on Tuesday. Generative AI refers to a group of products that produce human-like text or images in response to written prompts from users.

The growth of the Internet of Things (IoT) is having a big impact on lots of areas within enterprise IT, and data analytics is one of them. Companies are gathering huge volumes of information from all kinds of connected of objects, such as data about how consumers are using certain products, the performance of corporate assets, and the environmental conditions in which systems operate. By applying advanced analytics to these incoming streams of data, organizations can gain new insights that can help them make more informed decisions about which actions to take. And with companies placing IoT sensors on more and more objects, the volumes of incoming data will continue to grow. "Sensor-based computing is a core trend in digital transformation," says Maureen Fleming, an analyst at research firm IDC.