AI in DE

MESSAGE FROM THE PRESIDENT

April 24, 2023

When I was in seventh or eighth grade, one of my older sisters had a boyfriend who worked at a company that did inventory counting at retail stores. His name was Bill and he described for me what a day at work was like (and it sounded pretty boring). Recalling this, I was fascinated with a CNBC video story that described how robots and A.I. are capturing inventory data in a fraction of the time it takes people to complete the same task. The story goes on to talk about how inventory data is very important to store owners. It gives them an opportunity to restock popular items and not disappoint customers, track what product is moving and at what pace, and measure things like theft.

Here is yet another example of how artificial intelligence and data can solve knotty business problems. But what about the employees who counted inventory? They’ll be redeployed to reorder, restock, analyze the data, and countless other tasks. It’s a great video and worth a few minutes of your time:

News You Can Use

This week’s economic calendar kicks off tomorrow with the FHFA home price index for February, new home sales for March, and an early look at consumer confidence for April. Wednesday brings us durable goods orders and retail inventories for March. On Thursday we’ll hear about Q1 GDP results, jobless claims data, and pending home sales for March. We close out the week on Friday with personal income and personal spending for March, and the end of April consumer sentiment index.

Earnings calls and reports this week gets started today with Cleveland-Cliffs, Coca-Cola, Phillips, and Whirlpool. Tuesday is a very busy day with Microsoft, 3M, Alphabet, Biogen, Boston Properties, Centene, Chubb, Dow, Fiserv, General Electric, General Motors, McDonald’s, NCR, Raytheon, UPS, Verizon Communications, and Visa, to name a few. Wednesday is just as busy with Meta Platforms, American Water Works, Boeing, eBay, Humana, Norfolk Southern, Pilgrim’s Pride, Ryder System, Silicon Labs, United Rentals, and Waste Management, among others. Amazon, AbbVie, Amgen, Boston Beer Company, Chemours, Comcast, Honeywell, Merck, Tanger Factory, T-Mobile, and Xcel Energy round out Thursday. Chevron, Colgate-Palmolive, U.S. Silica, and WisdomTree are in the cue for Friday.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Uniquely Delaware

A.I. Job Postings - Delaware Ranks Above National Average

Venture capital firms and large tech companies have poured billions of dollars into artificial intelligence technology, and that money has backed nearly 800,000 A.I.-related job openings across the U.S. in 2022. The data was presented in the Stanford University Institute for Human-Centered Artificial Intelligence 2023 AI Index Report, which compiled information from across the industry on investment, employment, environmental impact, and ethical ramifications of AI use.

Hiring data suggests that some regions not typically known as major tech hubs punched well above their weight. On average, 1.5% of the job openings in any state are AI-related. Delaware ranks above the national average, with nearly 2.7%. Read more >

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