shared the same mindset on two major themes: AI will, in fact, spark massive job market disruption, and the current AI-driven investing frenzy is fueling a stock-market bubble. On the labor-market front, Arnott said the story is less about the technology itself and more about who can use it to their advantage. Either way,"millions" of jobs will go away, he said.
"Every important disruption since the start of the industrial revolution has cost millions of people jobs. And created millions of jobs. And advanced inexorably, only slightly slowed by each generation's Luddites," he said."It's safe to say that well over 95% of the jobs of 200 years ago no longer exist. And aren't missed, even though millions had their livelihood disrupted in the process.
He added:"The implications of generative AI on the labor market will be one of upheaval and one of escalating job uncertainty."For Arnott, AI will undoubtedly be good for bottom lines. But given the rampant speculation surrounding the top several stocks in the market, future upside is already priced in.
He continued:"In short, AI will change the world, materially in the coming decade, radically in the coming 20 years, and beyond anything we can imagine in 50 years. But, that's already in the price, and the dominant players may not yet even exist."
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