00:00It's Benzinga, bringing Wall Street to Main Street.
00:02John Chambers, former Cisco CEO who led the company through the dot-com bubble,
00:07warned of an AI boom that mirrors the internet frenzy that once sent Cisco stock
00:10soaring 80% before its crash. Chambers told the Associated Press that AI is advancing five times
00:16faster than the internet era, with startups now creating and launching products in weeks instead
00:20of years. Chambers warned that AI will eliminate jobs faster than they can be replaced, causing
00:24major workforce disruption, compared to that half of the Fortune 500 companies and many
00:29unprepared executives could disappear as business cycles shrink to a single year. Chambers warned
00:34that excessive optimism around AI signals a coming bubble. The company is failing to turn
00:38investments into lasting advantages, headed for a trade wreck. Labor data revisions show
00:42911,000 fewer jobs through March. Goldman Sachs estimates AI could replace up to 7% of U.S.
00:49jobs in the next decade. Talenters Shryam Sankar and investor Kevin O'Leary argue AI will lift
00:54productivity rather than employment losses.
00:56For all things money, visit Benzinga.com.
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