The article also highlights various market, tech, and business news. In the market, private credit is becoming a popular job on Wall Street, and the housing market is worsening with the median monthly mortgage payment at an all-time high. In tech, Salesforce CEO Marc Benioff warned about the risks of generative AI, and McAfee CEO Greg Johnson highlighted the cybersecurity risks posed by this technology. In business, the article tells the story of the Rosemond brothers, who founded a notorious rap management firm, and discusses the disconnect between workers and bosses regarding work schedules.
Key takeaways:
- MIT economist Daron Acemoglu argues that new technology, particularly AI, is likely to do more harm than good, benefiting only those at the top and harming broader society.
- Acemoglu's research found that every additional robot introduced since 1990 has reduced employment by roughly six humans, indicating that tech is not leaving much work for the rest of us.
- The power dynamics between boss and employee have gotten increasingly lopsided, with CEOs making about 272 times more than their workers in 2022.
- Despite warnings about the risks of generative AI, tech companies are not slowing down, using plenty of our data to train their models.