'Godfather of AI' says the technology will create massive unemployment and send profits soaring - 'that is the capitalist system'

"Computer scientist and Nobel laureate Geoffrey Hinton predicted artificial intelligence will spark a surge in unemployment and profits as companies replace workers with AI. But it's not the technology's fault, he told the Financial Times, attributing it instead to capitalism. While layoffs haven't spiked, evidence is mounting that AI is shrinking opportunities at the entry level."

""What's actually going to happen is rich people are going to use AI to replace workers," Hinton said. "It's going to create massive unemployment and a huge rise in profits. It will make a few people much richer and most people poorer. That's not AI's fault, that is the capitalist system.""

""If you could make doctors five times as efficient, we could all have five times as much health care for the same price," he explained on the Diary of a CEO YouTube seri"

Artificial intelligence will spark a surge in unemployment and profits as companies replace workers with AI. Capitalism will drive the concentration of wealth and widen the gap between the rich and the poor. Evidence is mounting that AI is already shrinking entry-level job opportunities for recent graduates. Companies using AI are currently more likely to retrain employees than fire them, but layoffs are expected to rise in coming months. Healthcare appears comparatively protected, with AI potentially making doctors far more efficient and expanding affordable care. AI firms are prioritizing short-term profits over long-term consequences.

Read at Fortune