AI is increasingly being blamed for job cuts across industries, raising concerns about what work will remain for humans in the future. However, investor and Shark Tank star Kevin O’Leary believes the disruption caused by AI is part of a larger economic cycle and that new opportunities will emerge over time. Speaking on The Tucker Carlson Show in May, the Canadian billionaire said the US cannot afford to slow down its AI investments because it is competing with China in a major technology race.
He argued that while AI may replace some jobs, it will also create entirely new industries and employment opportunities.”Everybody’s hysteria about losing jobs, making hamburgers or flipping them, being replaced by a robot, that’s probably true,” O’Leary said. “But all kinds of new technology will become available over time, including in medical science and biology and all kinds of things where the models can be used. I’m extremely optimistic.””Just think about the new technologies we don’t even know yet that are going to be built off AI,” O’Leary said, adding “Everybody thinks when television came, everybody would lose their job in radio. That was complete BS.”
Kevin O’Leary says capitalism adapts to technological change
Kevin O’Leary said economic disruption has always been part of capitalism and innovation.
“Unfortunately, capitalism and the freedom it provides is volatile,” O’Leary told host Tucker Carlson. “It has lots of periods including the Great Depression where it taxes the people that support it, but it’s still better than the alternative anywhere on earth.”According to O’Leary, fears about job losses during technological shifts are not new.
He compared today’s AI concerns with earlier reactions to innovations such as Henry Ford’s assembly line and the rise of the internet in the 1990s.When asked what jobs people would do in an AI-driven economy, O’Leary pointed to sectors such as robotics, medical science and data centers.O’Leary also said he has invested in data center projects after recognizing their importance in the AI race between the US and China. He claimed such projects could create “millions” of jobs directly and indirectly.