AI Impact: While the world is buzzing with excitement and promise around artificial intelligence, former Cisco Systems CEO John Chambers has issued a dire warning. He predicts that AI will eliminate millions of jobs in the coming years, and with it, nearly half of the Fortune 500 companies and their top executives will disappear.
AI is evolving five times faster than the Internet
In an interview, Chambers said, "You'll soon see half of the Fortune 500 companies and half of their top executives disappear." He explained that this change will be even greater and faster than the Internet era of the 1990s. Chambers, who successfully led Cisco through the Internet boom and recession, said that AI is evolving five times faster than the Internet, and its results will be three times more impactful.
A race to succeed or perish
According to Chambers, this era has now become a race to "succeed or perish." He warned that companies that fail to turn technology into a competitive advantage will gradually disappear from the market. “Those who can't keep up with the pace of learning and adapting will be at big loss,” he said.
We will eliminate jobs faster than we can create new ones
Chambers believes that AI will be a major setback not only for companies but also for the job market. He said, “If I'm right and AI is growing five times faster than the internet, we will eliminate jobs faster than we can create new ones.”
People will need re-skilling
He further stated that in the coming years, there will be a period when jobs will be scarce and people will need re-skilling. “This will be a period of scarcity, when we will need to teach millions of people new skills,” Chambers added.
The only way to deal with AI is to embrace change
Chambers clarified that only those companies and professionals who have the ability to learn, change, and innovate rapidly will survive in this era. According to him, the mantra of success in the AI era is that every company should adapt itself to the technology, otherwise its existence may be in danger in the future.