"AI is eliminating roughly 16,000 net U.S. jobs per month, with entry-level workers absorbing the largest share. Entry-level job postings have fallen nearly 35% since January 2023."
"The Magnificent 7 companies alone made up over half of the S&P 500's annual gains last year, just as AI-driven companies now make up over a third of the index's companies."
"Retirees are not passive beneficiaries since they face a mirror-image version of the same risk: less time to recover if the AI trade reverses."
AI is significantly affecting the job market, particularly for entry-level positions, with a 13% decline in employment for workers aged 22 to 25 in AI-exposed jobs. At the same time, AI is driving substantial gains in the stock market, benefiting retirees' 401(k)s and investment portfolios. The concentration of tech in mutual funds has increased, raising concerns about risk for older investors. Younger workers face job displacement, with a notable drop in entry-level job postings and employment among young software developers.
Read at Fortune
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