<ul class="summary-list"><li>Big consulting companies are racing to add to their offerings around artificial intelligence.</li><li>The push comes as their clients have questions about how to incorporate AI into their business.</li></ul>Artificial intelligence didn't write this sentence.But it could have. And it's going to do a lot more, eventually. That's the bet consulting companies have been making as they rush to build out their generative AI offerings.Heavyweights from Accenture to McKinsey to PriceWaterhouseCoopers want to not only use AI to boost their own productivity — they want to be able to help clients do the same."AI in general, and generative AI more particularly, is the shiny object that everybody's chasing," Mohanbir Sawhney, associate dean of digital innovation at Northwestern University's Kellogg School of Management, told Insider. "And when clients chase shiny objects, consultants chase clients. So they're not far behind."It's been not quite a year since the public release of OpenAI's ChatGPT made GenAI the hot new technology. With it came <a target="_blank" href="https://www.businessinsider.com/ai-study-consultant-shows-impact-on-office-workers-2023-9">promises — and pitfalls</a>.To help companies figure out how to use AI, the consulting giants are racing to scoop up companies that specialize in the technology. They're also looking to hire people with the right expertise and to train existing workers.Sawhney said many consulting firms are building dedicated AI units to help concentrate talent and generate ideas that play to companies' strengths. Deloitte has set up a center to focus on AI, while McKinsey held onto the name QuantumBlack, a company McKinsey acquired in 2015, to concentrate its AI offerings.Consulting firms' push to bulk up on AI comes as many workers are worried that <a target="_blank" href="https://www.businessinsider.com/ai-bosses-workers-worried-about-tech-investments-2023-8">AI bots will snatch their jobs</a>. Yet in the world of consulting, firms have indicated they plan to bring on more workers to keep up with their clients' interests in AI. Accenture has said it plans to double its AI workforce to about 80,000 people. That will involve hiring workers, acquiring companies, and instructing existing employees.Demand for AI skills is high. On LinkedIn, the number of global English-language job postings that mention artificial intelligence technologies is up 21 times from November 2022, when ChatGPT debuted, a LinkedIn spokesperson said in an email to Insider. And yet not all AI hiring at consulting firms will necessarily involve technical skills.The big firms, Sawhney said, will need people who are conversant enough in the technology to spell out the business value of AI and convince a Fortune 500 CEO to spend perhaps millions on an AI project with a consulting company. "They need AI rainmakers," he said.Sawhney said part of what makes the GenAI explosion different from earlier tech waves like the ecommerce surge that came two decades ago is the breadth and speed of the arrival of AI. That's forcing organizations to scale up at a pace they're not used to, he said.Here's a look at some of what some big professional-services companies are doing around AI.<h2>KPMG</h2>KPMG said over the summer it would <a target="_blank" href="https://www.businessinsider.com/kpmg-microsoft-teaming-to-bring-more-ai-workplace-2023-7">invest $2 billion into AI</a> over five years as part of an effort with Microsoft.Steve Chase, who runs a new AI and digital innovation group at KPMG US, previously told Insider the task he's been assigned is to <a target="_blank" href="https://www.businessinsider.com/kpmg-ai-innovation-human-interaction-will-need-more-consultants-2023-9">transform KPMG US</a> through the systematic adoption of AI, analytics, and other emerging tech."We have the ability to be much faster and much more comprehensive using these tools to put knowledge in the hands of someone who needs it to be able to solve a business problem," Chase said. One way people will remain essential, he said, is to ensure the information and recommendations AI produces have merit.<h2>EY</h2>EY said in September it had <a target="_blank" href="https://www.businessinsider.com/ey-ernst-young-consulting-invests-ai-strategy-training-model-tools-2023-9">invested $1.4 billion in AI</a> — on technology it uses with its clients and on tech acquisitions. As part of that 18-month effort, the company said it had created its own large-language model and that it will train all of its 400,000 workers on AI.A spokesperson told Insider in mid-September that more than 5,000 EY workers had begun training.EY said it has created a platform that helps clients add AI into their workflows. It includes a chatbot focused on payroll that the company said will answer complex worker questions. There are other functions to help clients in areas like managing data and using predictive analytics, the company said.<h2>PwC</h2>PwC said in April it would spend $1 billion over three years to boost its AI offerings and help clients incorporate GenAI. PwC has also said it plans to <a target="_blank" href="https://www.businessinsider.com/pwc-training-workers-ai-usage-quickly-2023-9">train 75,000 workers</a> in the US and Mexico on artificial intelligence."We want all of our people to be skilled on AI enough that they can have a conversation with the client — whether or not you're an associate or an experienced partner — so that you can identify opportunities for us to be able to go in and support that client and that AI transformation, as well as to be able to support the firm itself," Shannon Schuyler, US chief purpose and inclusion officer at PwC, previously told Insider.<h2>Accenture</h2>Accenture said in June it plans to invest $3 billion over three years into its data and AI group aimed at helping clients use the technology to boost growth, efficiency, and resilience.Accenture said it would double its AI talent to 80,000 workers through a mix of hiring, training, and acquisitions. The company's data and AI group plans to develop services and off-the-shelf models for companies in 19 industries. Accenture also introduced a GenAI tool designed to help clients make decisions around AI.<h2>Bain</h2>Bain &amp; Company in February said it had struck a services agreement with ChatGPT parent OpenAI. Bain said that in the prior year it had added OpenAI technology into its knowledge-management systems, research, and processes in order to increase efficiency.<h2>BCG</h2>Boston Consulting Group is working with OpenAI as part of a broader effort around AI. In December, BCG said it had created BCG X, a tech build and design division. BCG X includes nearly 3,000 technologists, scientists, programmers, engineers, and "<a target="_blank" href="https://www.bcg.com/x">human-centered designers</a>" in some 80 cities.The investments in AI at BCG and elsewhere could help an unlikely group: consultants who rank below average. A recent <a target="_blank" href="https://www.businessinsider.com/ai-employees-lower-performers-most-impact-boston-consulting-group-2023-9">study conducted at BCG</a> found that below-average consultants drew more benefit from AI than did higher-ranked consultants.The study, which involved 758 BCG consultants globally, found that below-average performers who used AI saw their average performance jump by 43% in a test involving a fictional client company compared with a 17% gain for their above-average colleagues.<h2>Deloitte</h2>Deloitte announced in April it had started a new practice aimed at focusing on generative AI. That same month, Deloitte introduced a set of services called Quartz AI to help clients use technology like GenAI. In addition, the company has a GenAI partnership with the chip giant Nvidia. The Quartz AI services use Nvidia platforms.Deloitte said in August it's investing more than $2 billion in global technology training efforts to increase skills in areas including AI.<h2>McKinsey</h2>In 2015, McKinsey acquired a company called QuantumBlack. McKinsey adopted the QuantumBlack name for its AI offerings. The company has a research center called QuantumBlack Labs, which is focused on AI and machine learning; its goal is to support more than 1,300 data scientists in more than 50 locations.The company in June said it was introducing a series of AI-development tools called QuantumBlack Horizon to help organizations use AI.Do you work at a consulting firm or a company that's investing in AI? Insider would love to hear from you about how it's going — and about the race to hire AI talent. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@insider.com">thegrind@insider.com</a> with your story or to ask for one of our reporter's Signal numbers. Or <a target="_blank" href="https://www.businessinsider.com/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10">check out Insider's source guide</a> for tips on sharing information securely.

Inside the consulting industry's race to become AI rainmakers

<ul class="summary-list"><li>Companies are actively hiring workers with <a target="_blank" href="https://www.businessinsider.com/jobs-roles-companies-want-ai-chatgpt-experience-salary-2023-6">generative AI skills</a>. </li><li>Meta, Amazon, and Capital One are among the employers with the most job listings referencing genAI. </li></ul>Generative AI has contributed to a <a target="_blank" href="https://www.businessinsider.com/hinge-meta-nvidia-amazon-walmart-offering-high-salaries-ai-jobs-2023-8">surge of job openings</a> in what was otherwise a pretty <a target="_blank" href="https://www.businessinsider.com/the-tech-job-recession-is-over-when-will-hiring-reaccelerate-2023-8">dismal year for tech</a>.There have been 10,113 job postings related to generative AI this year, according to a <a target="_blank" href="https://lightcast.io/resources/blog/generative-ai-10-19-2023">recent study</a> from research firm Lightcast that analyzed postings across job boards like Indeed and company websites.Postings came from a broad range of industries, including <a target="_blank" href="https://www.businessinsider.com/tech-updated-terms-to-use-customer-data-to-train-ai-2023-9">tech companies developing their own AI</a> and education platforms wanting to experiment with the technology, Layla O'Kane, senior economist at Lightcast, told Insider over email.Data scientists, machine learning engineers, and curriculum writers were among the <a target="_blank" href="https://www.businessinsider.com/ai-jobs-pay-non-tech-companies-how-to-find-2023-7">top job titles for postings that referenced generative AI.</a>"We were surprised to see the proliferation of generative AI skills being required in jobs that are not developing these technologies," Kane said. "This indicates that workers and employers are already adjusting their work needs and ways of working to incorporate these new generative AI tools."Here are the nine companies with the most job listings referencing generative AI between September 2022 to September 2023, according to Lightcast.<ol><li>Chegg: 377 jobs in the 12 month period</li></ol>Currently, the education platform has more than a dozen AI-related jobs open on its job portal, including curriculum writers in subjects like financial analysis, cybersecurity, and digital marketing.These contract positions — which pay between $40 and $120 an hour — classify experience using AI platforms like ChatGPT as an ideal skill. The job requires the using AI tools to create course materials like lesson plans, according to the postings.<ol start="2"><li>Meta: 330 job listings</li></ol><div type="image" title="Hand holding a pear of Meta Ray Bans Smart Glasses" height="4860" width="7641" msid="105533987" hostid="261" sizebytes="790076"></div>Meta has released a number of AI projects, including AI chatbots and <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-learns-braid-hair-meta-ray-ban-smart-glasses-2023-10">Ray-Ban Smart Glasses</a>.The company is currently hiring an AI-related research engineer, applied research scientist, and product technical program manager — each with a six-figure salary.<ol start="3"><li>Capital One: 305 job listings</li></ol>In May, <a target="_blank" href="https://www.businessinsider.com/how-ai-cloud-technology-web3-metaverse-disrupting-banking-industry-2023-9">Capital One hired a head of enterprise AI</a> as part of the bank's efforts to improve customer experiences using AI.Currently, it's hiring for a slate of positions tasked with building and rolling out AI products, including a data scientist, generative AI engineer, and technical program manager. Each position has salary ranges that exceed $200,000.<ol start="4"><li>Pacific Northwest National Laboratory: 273 job listings</li></ol>The research institution, which is part of the US Department of Energy, has been working with AI to combat cybersecurity threats and help with disaster response.PNNL is currently looking to hire a data scientist to support its renewable energy efforts and another to work on AI applications to robotics.<ol start="5"><li>Amazon: 181 job listings</li></ol><div type="image" title="Amazon logo" height="1392" width="2000" msid="105534132" hostid="261" sizebytes="112632"></div>In September, the retail giant rolled out <a target="_blank" href="https://www.businessinsider.com/amazon-bedrock-aws-ai-chatgpt-dall-e-competitor-2023-4">Amazon Bedrock</a>, a suite of large language models, to AWS customers in parts of the US and Asia, and announced an investment of up to $4 billion into a partnership with OpenAI competitor Anthropic.Amazon's is currently hiring for a generative AI data scientist to work on the AWS team. The candidate, per the listing, is expected to have hands-on experience in creating models like GPT. It's also looking for a generative AI strategist to help customers incorporate artificial intelligence in their business models. Salaries for both roles can exceed $200,000, depending on the geographic region.<ol start="6"><li>Accenture: 168 job listings</li></ol>In June, global consulting firm Accenture announced it's investing $3 billion into its artificial intelligence technology and plans on doubling AI talent across its workforce to 80,000 people, in part through new hires.It's currently hiring for an advanced AI research scientist and responsible AI advisor. The latter boasts a salary as high as $338,000.<ol start="7"><li>Nvidia: 162 job listings</li></ol><a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-twitter-china-tech-giants-nvidia-gpu-chips-2023-8">Demand for Nvidia's GPUs</a> — chips that power AI systems — has skyrocketed, and it's hiring to keep up."We currently have more than 120 open roles associated with generative AI," a Nvidia spokesperson told Insider over email in mid-November.These openings include a generative AI performance engineer, a product manager, and a senior solutions architect. Each position has a salary range that, on the high end, exceeds $200,000.<ol start="8"><li>Scale AI: 153 job listings</li></ol>Scale AI works with US government agencies, startups, and major companies like Microsoft and Meta to help build and train their large language models."With the explosive demand for AI solutions, there's been a huge need for AI expertise that helps organizations go from inception to deployment," a Scale AI spokesperson told Insider over email.Scale AI continues to expand its workforce across different teams. The company is hiring a strategic account executive, a growth lead, and an AI infrastructure engineer.<ol start="9"><li>Cornerstone OnDemand: 119 job listingsThe HR software giant integrates AI across its platform to help clients automate performance reviews, help employees develop their skills, and analyze talent data.The company is currently hiring for a lead data science with experience building generative models and a principal enterprise architect responsible for applying generative AI across the company's operations.</li></ol>

From Nvidia to Meta, these 9 companies are hiring the most generative AI talent

<ul><li>Nvidia is still a "top pick" stock at Bank of America, even after its AI-driven year-to-date rally of 209%.</li><li>The bank said Nvidia's upcoming 2nd-quarter earnings report will be "less shock and awe" and more about execution.</li><li>The biggest risk for Nvidia is its ability to scale the supply of its AI-enabling GPU chips, according to BofA.</li></ul><a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> remains a "top sector pick" ahead of its upcoming second-quarter earnings report, even after its stunning AI-driven year-to-date stock rally of 209%.That's according to <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America's</a> Vivek Arya, who in a Monday note reiterated his "Buy" rating and $550 price target for Nvidia, suggesting potential upside of 22% from current levels.While Arya still sees a rosy future for Nvidia as it helps power the growing artificial intelligence industry with its GPU accelerators, he admits that the company will have "less shock and awe" for investors after <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-ai-race-artificial-intelligence-wall-street-gpu-huang-2023-5">it issued a massively bullish guidance update in May.</a> Instead, Arya expects Nvidia to transition towards a period of execution that will be defined by its ability to scale supply to meet demand."We expect the sentiment to be [a] bit more measured. Demand isn't the issue, its supply and importantly the pace with which US cloud service providers are able to set up genAI compute instances," Arya said.Arya expects Nvidia to report second-quarter revenue of at or slightly above $11 billion, which would represent year-over-year revenue growth of 64%. Arya said he also expects Nvidia's third-quarter revenue to accelerate up to 100% to about $12 billion. But perhaps most importantly, the near-term direction of Nvidia's stock price hinges on guidance comments from CEO Jensen Huang, and as to whether these revenue gains are a short-term blip or have staying power."Investors will look for clues on sustainability of these elevated forecasts considering a lukewarm US cloud service provider capex environment," Arya said. "Listen for management commentary around continued sales acceleration."The post-earnings reaction to Nvidia's upcoming earnings report could ultimately see some "near-term stock consolidation" after its solid year-to-date rally. In other words, expect Nvidia stock to trade sideways or slightly lower after it reports earnings after the market close on August 23, according to Arya.But <a href="https://www.businessinsider.com/ai-artificial-intelligence-nvidia-chip-revenues-stock-price-jensen-huang-2023-7">Nvidia's long-term opportunity</a> is what Arya is focused on. The analyst estimated that Nvidia could "march towards" $20 to $25 in long-term earnings per share, which would help make its current forward price-to-earnings ratio of 39x more digestible for investors. "We forecast AI servers to grow at a 37% compounded annual growth rate from 1.23 million in 2023 (8% to 10% of all servers) towards 4.4 million by 2027 (+25% of all servers), enabling Nvidia's total sales to expand at a 26% CAGR to $109 billion," Arya said.And BofA isn't the only Wall Street bank with a $100+ billion revenue projection for Nvidia by 2027. Mizuho said the company <a href="https://www.businessinsider.com/ai-artificial-intelligence-nvidia-chip-revenues-stock-price-jensen-huang-2023-7">could generate more than $300 billion in revenue</a> by 2027. For context, Nvidia generated revenue of about $27 billion last year. Nvidia stock traded up just over 1% on Monday, and is down just over 6% from its 52-week high of $488.88.

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Inside the consulting industry's race to become AI rainmakers

Tim Paradis

From Nvidia to Meta, these 9 companies are hiring the most generative AI talent

Aaron Mok

Nvidia stock is still a 'top pick' at Bank of America even after its stunning AI-driven 209% rally

Matthew Fox