Jonathan Ross, CEO of Groq, argues AI will actually cause a labor shortage. As AI drives down prices for goods and housing, people will work less and retire earlier. Meanwhile, entirely new industries will emerge, just as agriculture gave way to other sectors.
Do you think AI is going to destroy jobs? Or maybe you can take the other side. Do you think AI will create a labor shortage? Jonathan Ross, founder and CEO of AI chip company Groq, offers a contrarian view. AI won't destroy jobs. It will create a labor shortage. He outlines 3 things that will happen because of AI. Number 1, deflationary pressure, meaning that this water bottle over here, your water bottle over there is going to cost less. Your housing is going to cost less. Everything is going to cost less because you got robots farming coffee more efficiently, building things more efficiently, building your homes and all that, right? Number 2, people will opt out of the economy. This one's interesting to me. People are going to work fewer hours. They're going to work fewer days a week and they're going to work fewer years. They're going to retire earlier because they're going to be able to support their lifestyle working less. Number 3, entirely new jobs and industries will emerge. Jonathan points to history as evidence. You look at 100 years ago, 98% of the workforce in the United States was in agriculture. When we were able to reduce that to 2%, we found things for those— the other 98% of the population to do. If you want more insights like this on AI, marketing, and business, follow to learn more.
