Good morning. Andrew here. Explain this: The bond market is showing clear signs of worry about the economy. The effect, in the form of higher borrowing costs, could sting. And yet the stock market seems to think everything is fine — or better than fine. We delve into the disconnect. We’re also looking at increasing worries about how artificial intelligence could meaningfully impact the jobs market. More below. (Was this newsletter forwarded to you? Sign up here.)
A.I. backlash goes globalAnxiety about artificial intelligence isn’t just on display at college commencement speeches. It’s showing up across the globe (including at the Vatican) and in response to yet more announcements about job cuts and other corporate initiatives, as well as in new polling. The drumbeat of negative reactions to A.I. is providing a contrast to the full-steam-ahead approach by many companies. Layoffs linked to A.I. are still happening, and they’re often big. Meta’s offices will be mostly empty today as it cuts 8,000 workers around the world, part of its effort to refocus on its A.I. operations. (Another 7,000 are being reassigned to new initiatives tied to the technology.) From The Times: Ahead of the layoffs, hundreds of employees in New York planned to gather for drinks on Tuesday to “commiserate or celebrate, pick your poison,” according to a copy of an invitation seen by The New York Times. The title of the event: “Never a dull moment |
