In early 2023, Microsoft co-founder Bill Gates described OpenAI's ChatGPT as revolutionary, comparing it to the invention of the internet.

Speaking to Handelsblatt at the time, Gates said the chatbot would make office work "more efficient by helping to write invoices or letters. This will change our world."

Two years later, the ripple effects of artificial intelligence are being felt across industries — validating Gates' prediction while sparking fierce debate about the human cost.

See Also: American Airlines CFO Declares Worst Is Over, But Cautious Outlook Sinks Stock

In June, Salesforce Inc. CEO Marc Benioff  said that AI now accounts for 30% to 50% of the company's workload, calling it a "digital labor revolution."

Salesforce has restructured teams around AI, cutting more than 1,000 jobs this year while leaning on its own technology to handle routine tasks.

Earlier this month, Goldman Sachs also flagged AI's labor-market impact. The bank reports that unemployment among tech workers in their 20s and 30s has risen nearly 3 percentage points since early 2024, more than quadruple the overall jobless increase.

Chief Economist Jan Hatzius estimates generative AI could replace up to 7% of U.S. jobs within a decade.

While executives praise efficiency gains, critics warn of widespread displacement. Former Google X executive Mo Gawdat said in a podcast interview that talk of AI creating as many jobs as it destroys is "100% cr**."

CEOs are celebrating that they can now get rid of people and have productivity gains and cost reductions because AI can do that job, Gawdat said, adding that the one thing they don't think of is that AI will replace them, too.

Economist Craig Shapiro has argued that traditional monetary policy tools are powerless against AI-driven job disruption.

In a June Substack essay, he warned that automating 25% of U.S. jobs by 2030 — a figure supported by Goldman Sachs estimates — represents a structural crisis.

A Pew survey this year also found that 62% of white-collar workers now fear their jobs could be automated, fueling a decline in consumer confidence and spending.

Read Next: 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Courtesy: Alexandros Michailidis on Shutterstock.com