A Jay Powell Mini-Bear, More Weekly Bull, and the Dangers of a “Narrow Rally” -- Some AI Monkey Business

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My broad and obvious fear is that as the AI secular boom accelerates, we will hit a threshold that will lead to the biggest mass layoffs this side of the Great Depression.  Unlike in the Great Depression, it won’t be manufacturing workers and farmers, although they will take a hit; the biggest casualties will be white collar folks across the board.

To understand the problem, suppose you pitted a monkey with the latest AI search engine against a freshly minted college grad from Harvard or Princeton in knowledge and writing tests.  The  monkey would win every time.