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Proof That AI Is Destroying Jobs In One Chart
It's a long-term view of job openings (blue) vs the S&P 500 (black). The dotted line shows when ChatGPT launched in November of 2022.
Take a look:
Digesting this chart gives me heartburn.
As you can see, historically job openings and the stock market have moved in parallel. When the economy was good, both metrics moved up. When it was bad, they fell.
But in November of 2022, this relationship snapped like a twig. That's when OpenAI released its groundbreaking ChatGPT app.
Ever since, job openings have plummeted while the S&P 500 soared to new highs.
AI has simultaneously caused a stock bubble and cratered job openings.
AI stocks have levitated the market with their gains, while the same technology is ripping apart the job market.
Entry-level positions are especially vulnerable to AI, but it's disrupting the entire white collar job market.
This is our new K-shaped economy.
The Godfather of AI's Latest Warning
The top 4 American AI spenders alone (Google, Amazon, Meta, and Microsoft) plan to spend $420 billion on infrastructure in the next year. That's mostly GPUs, data centers, and power generation.
Nearly half a trillion dollars, from just the top 4 U.S. companies… That's up from $360 billion this year. Globally, AI spending over the next year will surely surpass $1.5 trillion.