Week of October 30, 2023
In a Wall Street Journal Article from October 18th titled “Tech Leaders Say AI Will Change What It Means to Have a Job”, it is stated that, “Artificial Intelligence will likely lead to seismic changes to the workforce, eliminating many professions…” This is no different than in the early 1900’s when the automobile was introduced. The adoption of cars en masse led many industries to largely die out– two examples being carriage makers and stable workers. However, the number of jobs created were astronomically larger than the jobs destroyed. Not only did established industries, like farming, gain productivity, but tourism, construction, and of course car repair shops all became viable industries because of the automobile. At present, we have no understanding of what the total impact of A.I. will be, but it is certain that industries will become more productive, industries will be created, and industries will decline. No changes to our Signals.
Michael Mullenax and Bob Bilkie, CFA