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The same can be said for any piece of technology that leads to job loss. Job loss should be seen as a benefit in these cases but the problem is with our economic system where it predominantly benefits a small percentage.
That said, AI benefits a lot more than just the wealthy, especially compared to say automating a factory. Most state of the art models are open source and anyone who can afford a GPU or the 1.50$ an hour to rent one can benefit.
Same thing happened when skilled labor was being replaced by machines in 1800s with the Luddites.
Looking at post-industrial wealth distribution, they weren't entirely wrong.
They very clearly were wrong for painting technology as the problem. The problem is and was capitalism.
Does it work on old ass Nvidia gpus or does it have to be pascal or later?
You need CUDA and enough VRAM for the model. Unless it's an old ass titan, you're probably out of luck in terms of VRAM.