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Good morning. Remember the AI jobs apocalypse? OpenAI\u2019s Sam Altman and Dario Amodei of Anthropic both forecast it\u2014and have since scaled back predictions. Meta CEO Mark Zuckerberg now expects net job growth and an \u201cAI future for everyone.\u201d Then there are folks like Vinod Khosla and Elon Musk, who predict people won\u2019t need money or jobs, without telling us how this utopia\/dystopia will come to pass.<\/p>\n
The reality thus far is that AI is reshaping roles rather than eliminating them. My colleague Claire Zillman just wrote about how Ikea is reskilling its workforce. It\u2019s been five years since Ikea launched the AI-powered customer service bot Billie that now assists three-quarters of customers who come to it with queries. Instead of laying off the call center workers whose jobs the bot had partly taken over, though, Ikea has retrained them. And now those centers have become the retailer\u2019s fastest-growing sales channel over the past three years, with year-on-year growth of between 15% and 20% annually.<\/p>\n
It\u2019s a story that I\u2019m hearing more in my conversations with leaders. Last week, my colleague Sheryl Estrada and I co-hosted a dinner for CFOs in partnership with IBM. Throughout the wide-ranging conversation, it became clear that these finance leaders\u2014who arguably should be motivated to keep headcount down in volatile times\u2014are thinking about AI as a driver of productivity, growth, and engagement. Their challenge is getting colleagues to use the tools more often, to get over the fear that AI is there to one day replace them.<\/p>\n
The World Economic Forum estimates that 92 million jobs globally could be displaced by AI, related technologies, and demographic shifts by 2030. But about 170 million new roles could also be generated, WEF estimates, if employers invest in upskilling workers to deploy AI. As Goldman Sachs CEO David Solomon points out, AI is just another technology tool. What\u2019s different is the pace at which it\u2019s driving change. Examples like Ikea are important in showcasing how AI really can benefit humans, with hard numbers that demonstrate growth. I\u2019d be curious to know how engagement and net promoter scores shift, too. I look forward to hearing your stories.<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
Inside Mamdani\u2019s grocery store<\/p>\n
New York Mayor Zohran Mamdani plans five city-owned supermarkets, one per borough, offering a core basket of staples at prices 30% below market. The $70 million initiative, operated by private managers on city property without rent or taxes, aims to cut household grocery bills but faces sharp criticism from economists and small grocers who warn it could distort competition, force private stores out of business, and ultimately shift costs to taxpayers.<\/p>\n
CXMT\u2019s blockbuster IPO\u00a0<\/p>\n
Chinese chipmaker ChangXin Memory Technologies, or CXMT, became the country\u2019s most valuable company almost overnight. Yet experts are split on whether the rise in CXMT\u2019s stock price is a temporary boost fueled by AI-driven memory shortages, or a long-term shift in global AI supply chains where Chinese chipmakers are now coming to the fore.\u00a0<\/p>\n
Wall Street\u2019s hidden recruiting pipeline<\/p>\n
At Goldman Sachs, Morgan Stanley, and Bank of America, the fastest route from the Ivy league to a corner office might not run through the career center at all, but through the football roster. Researchers found a team bond is a far more potent career driver than a diploma itself. Having one additional former teammate\u2014same sport, same school, same roster\u2014already working at a firm raised a fellow player\u2019s odds of joining that firm by 193.7%.<\/p>\n
The markets<\/p>\n
S&P 500 futures are up 0.48% this morning. The last session closed up 0.70%. The STOXX Europe 600 was up 0.37% in early trading. The U.K.\u2019s FTSE 100 was down 0.05% in early trading. Japan\u2019s Nikkei 225 was down 0.94%. South Korea\u2019s KOSPI was down 5.21%. China\u2019s CSI 300 was down 0.98%. Hong Kong\u2019s Hang Seng was up 0.48%. India\u2019s NIFTY 50 was up 0.86%. Bitcoin was down at $62K.<\/p>\n
Around the watercooler<\/p>\n
The labor market could become so backward that the economy will have to shed jobs to keep unemployment steady by Jason Ma<\/p>\n
Amazon\u2019s Andy Jassy sees a $1 trillion cloud built on businesses like the PGA Tour\u2014which swapped its server trucks for AI broadcasts by Amanda Gerut<\/p>\n
Bars, bowling alleys and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we\u2019re paying with our health by Catherina Gioino<\/p>\n
Most billionaires are stuck in \u2018slow philanthropy.\u2019 MacKenzie Scott gave away $26 billion and won\u2019t stop until \u2018the safe is empty\u2019 by Sydney Lake<\/p>\n
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n
#Ikeas #bot #didnt #replace #workers #valuable<\/p>\n","protected":false},"excerpt":{"rendered":"
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