- Torsten Sløk says there's been "zero evidence" of AI-induced job losses
- Hiring for AI specialists, data center staff and more has surged
- Jevons Paradox has caused increased demand, despite efficiency
Apollo Global Management's chief economist Torsten Sløk declared in a blog post that "there is zero evidence of job losses because of AI," countering years of concerns that artificial intelligence could replace human workers.
However, while Sløk claims that there's no net loss of jobs, he does at least acknowledge the widespread displacement caused by shifting priorities.
Now, we're seeing more demand than ever for AI specialists, engineers, data center staff and infrastructure and energy workers to keep up with our growing consumption of AI.
"There is zero evidence of job losses because of AI"
Challenging the concept that AI has caused job losses, Sløk reframed the AI boom as something that's actually boosting employment and wages in some of the sectors most impacted by AI, like semiconductors, data centers, energy, networking and cloud.
He also referenced the Jevons Paradox, noting that despite huge efficiency gains causing knowledge work to become cheaper, firms are consuming more of it and hiring more workers to fill that growing gap.
Just like previous revolutions, AI is still set to cause a major labor market disruption, with many companies blaming tens of thousands of layoffs directly on the technology, however critics argue this is often a label slapped onto cost-cutting measures to tackle overhiring and changing priorities.
On that note, many tech giants cutting workers have simultaneously opened up positions in other high-growth areas, backing up the narrative of a 'shift' instead of a 'net loss'.
"The bottom line is that the AI spending boom is stoking both employment and inflation," Sløk concluded (via Business Insider).
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