Business leaders at the World Economic Forum in Davos expressed optimism about artificial intelligence’s capacity to generate jobs, even amidst concerns about potential job losses. Executives acknowledged that while some positions will be eliminated, new opportunities will emerge. Some suggested AI is used as a justification for pre-planned layoffs.
Chip titan Jensen Huang, CEO of Nvidia, stated that AI would lead to higher pay and more jobs across various sectors, including plumbers, electricians, and steelworkers. He highlighted that the energy, chips, and infrastructure industries are currently driving job creation. Matthew Prince, CEO of internet security firm Cloudflare, added that AI’s progress is inevitable and scrappy developers will overcome market challenges.
However, scepticism regarding AI’s implications remained. Discussions included concerns about chatbots potentially leading to mental health issues. Labor union leaders also questioned the cost of technology gains, arguing AI is often marketed as a productivity tool leading to fewer workers. Microsoft co-founder Bill Gates suggested the world needs to prepare for both the opportunities and disruptions AI will bring and recommended politicians become more familiar with the technology.
Other executives shared specific examples of AI’s positive impact. Cathinka Wahlstrom, chief commercial officer at BNY, indicated that AI has significantly reduced client onboarding time. Cisco President Jeetu Patel noted that AI has enabled the completion of previously impractical projects. BlackRock COO Rob Goldstein reported substantial new client assets, viewing AI as a means of business expansion rather than workforce reduction. BNY provides financial services. Cisco is a networking company that designs and sells networking equipment and software.
