Artificial intelligence professionals are the most sought-after workers in the technology industry today, with tech firms paying astronomical salaries to programmers with little experience in AI development.
Some Artificial intelligence professionals are getting paid millions of dollars, as some Silicon Valley firms have set aside billions to explore the technology.
According to The New York Times, there is a joke in Silicon Valley that the tech industry needs a National Football League-style salary cap on AI specialists.
“Well-known names in the AI field have received compensation in salary and shares in a company’s stock that total single- or double-digit millions over a four- or five-year period, and at some point they renew or negotiate a new contract, much like a professional athlete,” reported the news daily.
Artificial intelligence professionals with little over a year of experience are also being paid between US$300,000 and US$500,000 annually.
No doubt that the shortage in talent is the main driver of the pay rise. The trend will remain the same until more people are trained in the field, say analysts.
Online retail giant Amazon has intensified its hunt for AI professionals who can help improve product recommendations and inventory management.
Nearly every industry appears to be looking for ways to embed AI technology into all types of enterprise applications and processes.
The auto industry is on the lookout for AI specialists who can help build driverless cars. Ride-hailing app Uber has also invested billions of dollars into AI to streamline its service.