Over the weekend, Kevin O’Leary, famed investor from “Shark Tank,” emphasized that artificial intelligence (AI) is a catalyst for productivity and career advancement, countering fears of job loss. In a recent video, he stated, “AI isn’t destroying jobs; it’s creating better ones,” citing that over 50 of his companies utilize AI to enhance efficiency. He argues that by automating repetitive tasks, workers can focus on higher-paying opportunities, likening AI’s impact to past technological innovations like television.
However, a Stanford University study reveals a 13% decline in entry-level hiring for workers aged 22-25, particularly in fields susceptible to automation. Additionally, a New York Federal Reserve report indicates a rising unemployment rate among recent graduates. While O’Leary and others view AI as a means to elevate workforce productivity, critics warn of long-term disruptions to entry-level jobs. The ongoing debate highlights the need for adaptation in a changing job landscape influenced by AI advancements.
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