- AI again compared to Dotcom bubble, companies warn of bubble collapse
- Cisco CEO warns of ‘carnage along the way’ as jobs change
- IMF boss says AI will hit job market ‘like a tsunami’
Cisco CEO Chuck Robbins has warned that while AI will create new opportunities, it will also be responsible for “carnage along the way,” with many companies unlikely to survive post-bubble upheaval.
Talk with the BBCRobbins says that AI will ultimately be “bigger than the Internet,” indicating that there is more to come, much like the Internet bubble that preceded the long-term transformation of the Internet.
But these projections aren’t without merit: Cisco actually survived a similar bubble around the 2000 peak, when its stock fell about 80% after a rapid rise. Robbins pointed out that the same decline could follow this first AI boom.
Cisco has already been through a bubble
Turning to workforce implications, Robbins warned that some roles would be eliminated entirely and others reshaped. Customer service appears to be the area most at risk, with colleagues who are very proficient in AI more likely to succeed.
“You shouldn’t worry as much about AI taking your job as you should about someone who knows how to use AI really well taking your job,” he summarized.
Robbins also noted that AI has allowed attacks to become more sophisticated and less detectable, implying that cybersecurity teams may actually have their work cut out for them and will therefore not be immediately affected by AI-induced job losses.
However, despite fears that AI could displace human workers, a new UK government report says it is still difficult to say categorically that layoffs are the result of AI-driven productivity. Yet UK job postings fell by 38% for occupations with high exposure to AI between 2022 and 2025 (via McKinsey research).
Robbins is not alone in sharing his concerns about the effects of AI on the job market. Speaking at the recent WEF conference in Davos (via CNBC), International Monetary Fund Managing Director Kristalina Georgieva warned that AI is “hitting the labor market like a tsunami, and most countries and most businesses are not prepared for it.”
Moving forward, it’s clear that workers need to focus on honing their skills to stand out from their competitors in a changing job market.
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