For subscribers
Some companies can face total ‘creative destruction’ by AI
Sign up now: Get ST's newsletters delivered to your inbox
Will AI make some companies redundant, just like how Internet and the digital age affected the movie rental and photography businesses?
PHOTO: REUTERS
DeeperDive is a beta AI feature. Refer to full articles for the facts.
A new worry is rippling across the stock market lately: Entire businesses, not just their employees, may be thrown out of work. While most economists say fears of an AI job apocalypse are overblown, seismic shifts have happened in the past after big tech breakthroughs.
The IT revolution of the 1990s led to a surge in productivity that sped up the US economy for several years. It also rendered companies or even industries largely redundant – from travel agents and stockbrokers to classified advertising and newspapers, or video rental stores.
