IBM shares plunged 25% in their steepest single-day decline since 1968 after the company issued a preliminary earnings warning that fell short of Wall Street expectations. The sharp selloff wiped out more than $100 billion in market value and erased much of the company's AI-driven gains from earlier this year.

IBM blamed weaker-than-expected results on a global memory chip shortage, saying customers redirected spending toward AI servers, storage, and memory hardware instead of software and mainframes. The warning also weighed on the broader technology sector, with software stocks declining while chipmakers and storage companies gained as investors shifted toward AI infrastructure.

IBM shares plunge 25% after shock earnings warning, ai chip shortage hits software demand

World's first AI software engineer ‘Devin’ has been created by the tech company Cognition. The AI software engineer is capable of writing code, crafting websites and developing software with just a single prompt.

Devin stands as a groundbreaking tool, adept at a myriad of tasks. Unlike its counterparts, Devin isn't designed to replace human engineers but to seamlessly collaborate with them.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/india-news/microsoft-to-provide-ai-skilling-skills-to-2-million-people-in-india-by-2025-satya-nadella-688015" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/microsoft-to-provide-ai-skilling-skills-to-2-million-people-in-india-by-2025-satya-nadella-688015&amp;sa=U&amp;ved=2ahUKEwiayam8rPGEAxVCiFYBHSrIAzUQFnoECAkQAg&amp;usg=AOvVaw05EuGkZwgg2ci-OXFoHB69&amp;arm=e" dir="ltr" href="https://www.wionews.com/india-news/microsoft-to-provide-ai-skilling-skills-to-2-million-people-in-india-by-2025-satya-nadella-688015" target="_blank">Microsoft to provide&nbsp;AI&nbsp;skills to 2 million people in India by 2025</a>

Cognition proudly announced Devin's debut on Twitter, highlighting its exceptional performance on the SWE-Bench coding benchmark, success in practical engineering interviews at leading AI companies, and completion of actual tasks on Upwork.&nbsp;

Devin operates autonomously, employing its own shell, code editor, and web browser to solve engineering challenges.

What sets Devin apart is its remarkable foresight and ability to plan intricate tasks. It can make thousands of decisions, learn from errors, and continuously improve. Equipped with essential tools like a code editor and browser, Devin is considered the pinnacle of solutions for evaluating software engineering tasks based on the SWE-bench coding benchmark.

Its exceptional performance in various engineering interviews and tests solidifies its status as a cutting-edge AI assistant.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/technology/too-expensive-ai-not-capable-of-replacing-humans-in-workplaces-study-reveals-682811" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/technology/too-expensive-ai-not-capable-of-replacing-humans-in-workplaces-study-reveals-682811&amp;sa=U&amp;ved=2ahUKEwiayam8rPGEAxVCiFYBHSrIAzUQFnoECAYQAg&amp;usg=AOvVaw04TE_1xrw6RpOBoKmYxAhq&amp;arm=e" dir="ltr" href="https://www.wionews.com/technology/too-expensive-ai-not-capable-of-replacing-humans-in-workplaces-study-reveals-682811" target="_blank">'Too expensive,'&nbsp;AI&nbsp;not capable of replacing humans in workplaces</a>

However, Devin is not designed to work in isolation. Its purpose is to collaborate seamlessly with human engineers, offering real-time updates, accepting feedback, and participating in design decisions. Rather than replacing humans, Devin enhances their capabilities, promoting productivity and efficiency within teams.

Devin's capabilities are diverse, ranging from learning new technologies and building complete applications to addressing bugs in code and training AI models. Real-world challenges showcase its superiority over previous AI models, resolving nearly 14 per cent of issues compared to the under 2 per cent&nbsp;achieved by its predecessors – a significant breakthrough in software engineering.

Beyond theoretical prowess, Devin has demonstrated its efficacy on platforms like Upwork, tackling real-world coding tasks effortlessly, including debugging computer vision models and generating detailed reports.

Devin signifies a monumental stride in AI technology, revolutionizing software development by automating routine tasks and enabling engineers to focus on more complex problems. Whether you're a seasoned engineer or just starting out, Devin promises to make your job easier and more exhilarating than ever before.

(With inputs from agencies)

World's first AI software engineer ‘Devin’ has been created by the tech company Cognition. The AI software engineer is capable of writing code, crafting websites and developing software with just a single prompt.

World's first AI software engineer ‘Devin’ has been created by the tech company Cognition. The AI software engineer is capable of writing code, crafting websites and developing software with just a single prompt. Devin stands as a groundbreaking tool, adept at a myriad of tasks. Unlike its counterparts, Devin isn't designed to replace human engineers but to seamlessly collaborate with them. Also read: Microsoft to provide AI skills to 2 million people in India by 2025 Cognition proudly announced Devin's debut on Twitter, highlighting its exceptional performance on the SWE-Bench coding benchmark, success in practical engineering interviews at leading AI companies, and completion of actual tasks on Upwork. Devin operates autonomously, employing its own shell, code editor, and web browser to solve engineering challenges. What sets Devin apart is its remarkable foresight and ability to plan intricate tasks. It can make thousands of decisions, learn from errors, and continuously improve. Equipped with essential tools like a code editor and browser, Devin is considered the pinnacle of solutions for evaluating software engineering tasks based on the SWE-bench coding benchmark. Its exceptional performance in various engineering interviews and tests solidifies its status as a cutting-edge AI assistant. Also read: 'Too expensive,' AI not capable of replacing humans in workplaces However, Devin is not designed to work in isolation. Its purpose is to collaborate seamlessly with human engineers, offering real-time updates, accepting feedback, and participating in design decisions. Rather than replacing humans, Devin enhances their capabilities, promoting productivity and efficiency within teams. Devin's capabilities are diverse, ranging from learning new technologies and building complete applications to addressing bugs in code and training AI models. Real-world challenges showcase its superiority over previous AI models, resolving nearly 14 per cent of issues compared to the under 2 per cent achieved by its predecessors – a significant breakthrough in software engineering. Beyond theoretical prowess, Devin has demonstrated its efficacy on platforms like Upwork, tackling real-world coding tasks effortlessly, including debugging computer vision models and generating detailed reports. Devin signifies a monumental stride in AI technology, revolutionizing software development by automating routine tasks and enabling engineers to focus on more complex problems. Whether you're a seasoned engineer or just starting out, Devin promises to make your job easier and more exhilarating than ever before. (With inputs from agencies)

World’s first AI software engineer Devin can write code with a single prompt

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employ over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping USD 100 billion mostly in salaries annually, says a report.

The domestic IT sector employs around 16 million, of which around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA.

Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday.

Based on average fully-loaded employee costs of USD 25,000 per annum for India-based resources and USD 50,000 for US resources, this will release around USD 100 billion in annual salaries and associated expenses for corporates, the report says. "TCS, Infosys, Wipro, HCL, Tech Mahindra and Cognizant and others appear to be planning for a 3 million reduction in low-skilled roles by 2022 because of RPA up-skilling.

"This is a USD 100-billion in reduced salary and other costs, but on the flip side, it offers a likely a USD 10 billion boons for IT companies that successfully implement RPA, and another a USD5 billion opportunity from a vibrant new software niche by 2022.

Given that robots can function for 24 hours a day, this represents a significant saving of up to 10:1 versus the human labour," says the report.

Robot process automation (RPA) is the application of software, not physical robots, to perform routine, high-volume tasks, allowing employees to focus on more differentiated work. It differs from ordinary software applications as it mimics how the employee has worked instead of building a workflow into technology from the ground up and thus minimising time to market and greatly reducing cost over the more traditional software-led approaches.

Offshoring helped the domestic IT sector to grow from around 1 per cent of GDP in 1998 to 7 per cent today, a highly strategic sector for its economy and has also significantly outgrown their Western peers (mainly Accenture, Capgemini and Atos) with annual revenue growth of 18 per cent between 2005 and 2019.

Another key reason for the RPA-driven job losses is that many countries that had offshored their work in the past are likely to bring the jobs back to their home markets. Developed countries will also look to increasingly bringing back offshored IT jobs and either use native IT workers or domestic software robots like RPA to secure their digital supply chain and ensure future resiliency of their national technology infrastructure, reasons the report.

Software offshoring began in the 1970s and the 1980s when the personal computer began to gain traction when major world players began shifting focus to trade liberalisation. However, despite such massive automation, major economies like Germany (26 per cent shortage), China (7 per cent), India (5 per cent) Korea, Brazil, Thailand Malaysia and Russia will likely face labour shortages, warns the report, adding on contrary South Africa, Greece, Indonesia and the Philippines will have surplus labour for the next 15 years.

According to the report, faster automation is driven by the shrinking talent pool of high-skilled jobs in developing economies, the need for which will only jump, but the global high-skill talent pool is shrinking and exposing outmoded immigration systems.

The report goes onto warn that emerging economies mostly India and China face the most risk of technology-driven disruptions which can impact up to 85 per cent of jobs in countries like Kenya and Bangladesh. India and China are at the greatest risk of skills disruption, while ASEAN, the Persian Gulf and Japan are at the least risk.

Perhaps the most worrying trend is that emerging market jobs are most at risk of automation because of the low-/mid-skilled nature of sectors like manufacturing, highlighting the risk of premature de-industrialization. India saw its manufacturing peak in 2002, while it occurred in Germany in 1970, in Mexico in 1990.

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employ over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping USD 100 billion mostly in salaries annually, says a report.

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employ over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping USD 100 billion mostly in salaries annually, says a report. The domestic IT sector employs around 16 million, of which around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA. Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday. Based on average fully-loaded employee costs of USD 25,000 per annum for India-based resources and USD 50,000 for US resources, this will release around USD 100 billion in annual salaries and associated expenses for corporates, the report says. "TCS, Infosys, Wipro, HCL, Tech Mahindra and Cognizant and others appear to be planning for a 3 million reduction in low-skilled roles by 2022 because of RPA up-skilling. "This is a USD 100-billion in reduced salary and other costs, but on the flip side, it offers a likely a USD 10 billion boons for IT companies that successfully implement RPA, and another a USD5 billion opportunity from a vibrant new software niche by 2022. Given that robots can function for 24 hours a day, this represents a significant saving of up to 10:1 versus the human labour," says the report. Robot process automation (RPA) is the application of software, not physical robots, to perform routine, high-volume tasks, allowing employees to focus on more differentiated work. It differs from ordinary software applications as it mimics how the employee has worked instead of building a workflow into technology from the ground up and thus minimising time to market and greatly reducing cost over the more traditional software-led approaches. Offshoring helped the domestic IT sector to grow from around 1 per cent of GDP in 1998 to 7 per cent today, a highly strategic sector for its economy and has also significantly outgrown their Western peers (mainly Accenture, Capgemini and Atos) with annual revenue growth of 18 per cent between 2005 and 2019. Another key reason for the RPA-driven job losses is that many countries that had offshored their work in the past are likely to bring the jobs back to their home markets. Developed countries will also look to increasingly bringing back offshored IT jobs and either use native IT workers or domestic software robots like RPA to secure their digital supply chain and ensure future resiliency of their national technology infrastructure, reasons the report. Software offshoring began in the 1970s and the 1980s when the personal computer began to gain traction when major world players began shifting focus to trade liberalisation. However, despite such massive automation, major economies like Germany (26 per cent shortage), China (7 per cent), India (5 per cent) Korea, Brazil, Thailand Malaysia and Russia will likely face labour shortages, warns the report, adding on contrary South Africa, Greece, Indonesia and the Philippines will have surplus labour for the next 15 years. According to the report, faster automation is driven by the shrinking talent pool of high-skilled jobs in developing economies, the need for which will only jump, but the global high-skill talent pool is shrinking and exposing outmoded immigration systems. The report goes onto warn that emerging economies mostly India and China face the most risk of technology-driven disruptions which can impact up to 85 per cent of jobs in countries like Kenya and Bangladesh. India and China are at the greatest risk of skills disruption, while ASEAN, the Persian Gulf and Japan are at the least risk. Perhaps the most worrying trend is that emerging market jobs are most at risk of automation because of the low-/mid-skilled nature of sectors like manufacturing, highlighting the risk of premature de-industrialization. India saw its manufacturing peak in 2002, while it occurred in Germany in 1970, in Mexico in 1990.

Automation: Indian IT companies to slash 3 million jobs; 30% of low-skill force by 2022