"Winners will emerge from the Artificial Intelligence (AI) boom, but there will be "carnage along the way", the boss of a US tech giant has warned. Chuck Robbins, chairman and chief executive of Cisco Systems, told the BBC the technology will be "bigger than the internet", but the current market is probably a bubble and some companies "won't make it"."
"Cisco, one of the world's leading technology companies, is behind some of the critical IT infrastructure enabling day-to-day use of AI. Robbins said some jobs will be changed, or even "eliminated", by AI, particularly in areas like customer services where companies will need "fewer people", but urged workers to embrace, not fear, the technology."
"His comments follow a series of warnings over the recent surge in investment in AI, with some claiming the sector amounts to a bubble set to burst, rocking markets and bankrupting companies. The BBC has been told of similar concerns by leading figures in finance and tech. JPMorgan Chase boss Jamie Dimon said some of the money invested in AI would "probably be lost", while Google parent company Alphabet's chief executive Sundar Pichai said there was some "irrationality" in the AI boom."
Artificial intelligence will be bigger than the internet, though the current market is likely a bubble and some companies will not survive. The AI boom will produce winners and significant 'carnage' among less successful firms. Infrastructure providers are central to AI and already hold 1.3bn in orders this quarter, showing strong demand for essential hardware and networking. Some jobs will be changed or eliminated, notably in customer service where fewer people may be needed; workers are urged to embrace the technology. Financial and tech leaders warn that substantial investment could be lost and that parts of the surge show irrationality, echoing dotcom comparisons.
Read at www.bbc.com
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