The article discusses the potential impact of artificial intelligence (AI) on jobs and the economy. According to economists, AI could lead to millions of job losses and trillions of dollars in spending on new technologies. The article cites a report by Goldman Sachs, which estimates that AI could automate 300 million full-time jobs globally and eliminate $7 trillion in labor costs. However, the report also suggests that companies would reinvest a portion of those savings into new technologies, leading to $7 trillion in spending on AI and related technologies. The article also mentions that tech giants like Meta, Google, and Amazon have already announced significant layoffs, potentially due to the impact of AI. The article warns that while AI could boost productivity and economic growth, it could also lead to significant job losses and disruptions in various industries.
Source: https://www.businessinsider.com/ai-job-losses-spending-new-tech-meta-google-amazon-layoffs-2024-7