US EditionSoftware, Payment Shares Sink After Citrini Post on AI Risks
Investors reevaluate AI's economic risks after a viral post linked AI's potential to disrupt enterprise software and cause significant unemployment, impacting valuations up to $850 billion.
- Over the weekend, a Citrini Research post went viral and contributed to a Wall Street sell-off on Monday, with markets recovering on Tuesday.
- Because the post mixed doom and promise, Citrini Research fused risks and upside, making the reassessment crucial as investors built large bets on AI's economic impact.
- Data-first: valuations and software exposure made the sell-off meaningful, with Anthropic and OpenAI raising stakes and IBM tumbling Monday.
- Economic-Risk-first: The post warned AI could cause massive unemployment, with OpenAI's Sam Altman saying `There are cases where entire classes of jobs will go away` and Anthropic CEO Dario Amodei predicting half of entry-level white collar jobs could vanish.
- AI boosters immediately pushed back, calling the Citrini post `AI doomerism` and analysts warn markets could lurch again if fresh disruption arguments appear.
18 Articles
18 Articles
Good morning! The financial press has been buzzing for a few days about a report from research firm Citrini Research – titled The 2028 Global…
The lesson from the viral AI post: 'AI is amazing' and 'AI is our doom' sound like the same thing.
AI is going to change the economy. That's the point, right?Thomas Fuller/NurPhoto via Getty ImagesAI could change everything.Of course, "everything" could mean your job. Or if you even have a job.That's why a new post about AI's future is so important: It's the doomsday argument and the pro-AI argument, all at the same time.You know all that money and effort everyone's putting into AI because they're convinced it's a technology that will change …
A report by the Citrini Research analysis firm has caused stock prices to crash. The report outlines a world in 2028 in which AI has an almost dystopic effect. There are good reasons for the drastic reactions.
The Citrini report, published on 22 February, warns against job losses caused by artificial intelligence and draws a gloomy scenario. In the markets, the paper has already caused unrest.
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