Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Larry Summers predicts AI threatens robust US job growth By: FOX Business April 05, 2024 at 17:06 PM EDT The U.S. labor market is humming along, but former Treasury secretary and OpenAI board member Larry Summers says artificial intelligence could eventually replace nearly "all" jobs. The U.S. labor market continues to hum along after remaining historically tight for the past year, but recent comments by famed economist Larry Summers suggest the robust job numbers could eventually become a thing of the past due to artificial intelligence.March's jobs report released Friday exceeded expectations, with employers adding 303,000 jobs last month while the unemployment rate inched lower to 3.8%. The demand for labor has shown no signs of slowing after months of solid job gains even after the Federal Reserve's aggressive rate-hike campaign.NVIDIA CEO JENSEN HUANG SAYS AI COULD PASS MOST HUMAN TESTS IN 5 YEARSBut speaking last week at Fortune's Innovation Forum in Hong Kong, Summers, a former U.S. Treasury secretary and now-OpenAI board member, said that over time, AI will replace human workers in nearly every job.CEOS SHOWING BIG INTEREST IN AI, FORMER AOL CEO SAYS"If one takes a view over the next generation, this could be the biggest thing that has happened in economic history since the Industrial Revolution," Summers said. "This offers the prospect of not replacing some forms of human labor, but almost all forms of human labor."GET FOX BUSINESS ON THE GO BY CLICKING HEREGiving a few examples, he predicted, "AI will substitute for a doctor making a difficult diagnosis… before it substitutes for a nurse’s ability to hold a patient’s hand when the patient is frightened."FOX Business' Megan Henney contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Larry Summers predicts AI threatens robust US job growth By: FOX Business April 05, 2024 at 17:06 PM EDT The U.S. labor market is humming along, but former Treasury secretary and OpenAI board member Larry Summers says artificial intelligence could eventually replace nearly "all" jobs. The U.S. labor market continues to hum along after remaining historically tight for the past year, but recent comments by famed economist Larry Summers suggest the robust job numbers could eventually become a thing of the past due to artificial intelligence.March's jobs report released Friday exceeded expectations, with employers adding 303,000 jobs last month while the unemployment rate inched lower to 3.8%. The demand for labor has shown no signs of slowing after months of solid job gains even after the Federal Reserve's aggressive rate-hike campaign.NVIDIA CEO JENSEN HUANG SAYS AI COULD PASS MOST HUMAN TESTS IN 5 YEARSBut speaking last week at Fortune's Innovation Forum in Hong Kong, Summers, a former U.S. Treasury secretary and now-OpenAI board member, said that over time, AI will replace human workers in nearly every job.CEOS SHOWING BIG INTEREST IN AI, FORMER AOL CEO SAYS"If one takes a view over the next generation, this could be the biggest thing that has happened in economic history since the Industrial Revolution," Summers said. "This offers the prospect of not replacing some forms of human labor, but almost all forms of human labor."GET FOX BUSINESS ON THE GO BY CLICKING HEREGiving a few examples, he predicted, "AI will substitute for a doctor making a difficult diagnosis… before it substitutes for a nurse’s ability to hold a patient’s hand when the patient is frightened."FOX Business' Megan Henney contributed to this report.
