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The AI doomsday report that shook Wall Street – and why its critics have a point
Yes, AI disruption will happen, but worst-case scenarios are misplaced.
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According to the blog post by Citrini Research that illustrates the impact of AI in a hypothetical future, the technology makes companies so productive that they fire many of their white-collar workers.
PHOTO: REUTERS
A blog post. That’s all it took to send software stocks into a tailspin, wiping out about US$200 billion (S$254 billion) in market value almost overnight. IBM lost 13 per cent in one day, the biggest drop in 25 years. Scores of other blue-chip stocks followed it down.
On Feb 22, an obscure company called Citrini Research put out a blog on Substack as a thought experiment to illustrate the wider economic impact of artificial intelligence in a hypothetical future set in 2028.
