Jonathan Ross, founder and CEO of the AI chip company Groq, offers a radically different perspective: AI won't destroy jobs; instead, it will create labor shortages.
He outlines three things AI will bring:
First, massive deflationary pressures.
“This cup of coffee will be cheaper. Your housing costs will be lower. Everything will cost less.”
He explains that this will be achieved through robots growing coffee more efficiently and through better supply chain management, meaning people will need less money.
Second, people will choose to leave the economic system.
“They will work fewer hours. They will work fewer days a week and for shorter periods. They will retire early because they can maintain their lifestyle with fewer working hours.”
Third, entirely new jobs and industries will emerge.
Jonathan uses history as evidence:
“Think about a hundred years ago, 98% of the American workforce was in agriculture. When we reduced that percentage to 2%, we created jobs for the remaining 98% of the population.”
He continues:
“We can't even imagine what jobs will exist a hundred years from now.”
A century ago, software developers didn't exist. A century from now, they won't exist either, "because everyone will be using Vibe Code (a web programming software) to create content."
The same logic applies to internet celebrities, a profession unimaginable a hundred years ago, but now capable of earning millions of dollars.
His conclusion is: deflationary pressures, labor shortages, and emerging industries we can't yet comprehend will ultimately lead to one result…
"We will face a labor shortage."