Geoffrey Hinton believes that CEOs have not considered the implications of widespread unemployment on consumer spending. He contends that artificial intelligence is likely to eliminate more jobs than it generates, particularly affecting white-collar positions. Concerns have been raised by students regarding the potential negative impact of AI on their future job opportunities and financial stability. Referred to as the “godfather of AI”, Hinton delivered a reality check to corporate leaders.

During a discussion at Georgetown University with Senator Bernie Sanders on “the promise and peril” of AI, Hinton, a British-Canadian Nobel laureate in machine learning, expressed doubt that billionaires like Elon Musk and Larry Ellison have taken into account the consequences for working-class individuals when investing heavily in AI and robotics. He emphasised the importance of recognising that without well-paid workers, there would be no consumers to purchase their products, warning of significant social upheaval in the face of high unemployment.

Sanders brought up examples such as Bill Gates and Dario Amodei, who have made predictions about the future impact of AI on jobs. Hinton concurred with these forecasts, stating that while some may argue against AI replacing jobs due to its current limitations, it is crucial to acknowledge that the technology is rapidly advancing and will likely not create as many new jobs as it eliminates.

Regarding the potential for universal basic income as a response to job displacement by AI, figures like Elon Musk and Sam Altman have advocated for such measures. Amazon CEO Andy Jassy has hinted at reducing his company’s white-collar workforce through AI capabilities, despite attributing previous layoffs more to cultural factors than technological advancements.

Georgetown students present at the event demonstrated a keen awareness of the adverse effects that AI could have. When asked by Sanders whether they believed AI would enhance or hinder their future prospects, a significant number indicated concerns about potential harm rather than benefits.