Wall Street is increasingly concerned that artificial intelligence (AI) may lead to widespread corporate disruptions, with the potential to affect entire industries. Economists anticipate AI will boost productivity, currently averaging 2.6% since 2023, but caution that this shift may cause significant job losses. Anton Korinek of the University of Virginia warns AI could transform cognitive labor extensively, warning that firms relying on human expertise could face market corrections. Federal Reserve’s Tom Barkin sees this as integral to capitalism.
Wall Street is increasingly concerned that artificial intelligence (AI) may lead to widespread corporate disruptions, with the potential to affect entire industries. Economists anticipate AI will boost productivity, currently averaging 2.6% since 2023, but caution that this shift may cause significant job losses. Anton Korinek of the University of Virginia warns AI could transform cognitive labor extensively, warning that firms relying on human expertise could face market corrections. Federal Reserve’s Tom Barkin sees this as integral to capitalism.