Billionaire investor Paul Tudor Jones says the rise of artificial intelligence (AI) may cause more collateral damage than anyone is expecting.
In a new op-ed for Time, Jones says that while we can celebrate technological progress, there should also be consideration, or even “vigorous debate,” of the societal cost of game-changing technologies like AI.
The Tudor Investment Corporation founder references a recent warning from Dario Amodei, CEO of Anthropic, who said AI could eliminate about half of all entry level white collar jobs in the next one to five years.
Even if Amodei is only half correct, Jones says such a transformation would create “unprecedented social upheaval.”
“If we follow the playbook of the last 45 years where over 92% of productivity gains went to shareholders over workers, and if Amodei is even half right on his unemployment prediction, you can bet we will face unprecedented social upheaval.
In the worst-case scenario, the safety-net strains that high unemployment will place on states and municipalities will force many into bankruptcy. The federal government won’t be a good backstop because with a debt-to-GDP ratio of more than 120% it won’t have the borrowing power it once did. Bond markets will tank and take stocks with them.”
The investor calls for several responses to AI, including a federal law requiring AI content to be watermarked so it’s clear it’s AI-generated. Otherwise, Jones says “humans will become irrelevant in the world we are headed for if we don’t demand human authenticity.”
Jones also calls for a bipartisan commission that addresses issues of productivity sharing, as well as bilateral talks with China to “start establishing shared AI safety protocols to protect the entire world from mistakes and bad actors.”
“None of this is radical. It’s rational. The unemployment data on entry-level jobs is a call to action. The first signs of the societal disruptions of AI are already here.”
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