AI Reshapes Industries and Markets, Sparking Job Fears Among Youth

(CNA, London, 20th, comprehensive external report) As artificial intelligence (AI) reshapes global industries and markets, a collective anxiety is deepening within young "digital natives" preparing to enter the workforce, who worry about AI's impact on employment and daily life. Reuters reported that former Google CEO Eric Schmidt, speaking at the University of Arizona's graduation ceremony this week, stated that the impact of AI will be "larger, faster, and more profound" than anything before. Although Schmidt tried to soothe graduates' anxieties about job security and an unknown future, he frankly admitted, "It will touch every profession, every classroom, every hospital, every lab, every human being, and every relationship you have," prompting boos from the audience. How real is this fear? Standard Chartered bank announced yesterday it would cut more than 7,000 positions, replacing "less productive human capital" with AI. Many tech companies have also been laying off employees, citing AI. Meta installed tracking software on its US employees' computers to train its AI models and plans to cut 10% of its global workforce starting this month. Amazon has cut about 30,000 corporate jobs in recent months while pushing for AI and efficiency, and fintech company Block laid off nearly half of its staff in February. Additionally, the Iran war has also cooled down the job market. Schmidt acknowledged that the younger generation's fears are "reasonable," but like other executives today, he portrays the changes and shocks brought by AI as an irreversible and inevitable trend that everyone must adapt to. However, even as CEOs actively embrace AI, signs of backlash are emerging: from Chinese courts, South Korean automaker unions, to Hollywood screenwriters and the Indian film industry, protests are rising. A Gallup report released in April showed that an increasing number of Gen Z (born between 1997 and 2012) feel anxious or angry about AI, while the number of those hopeful or excited about it has sharply decreased compared to the previous year. Nearly half of the respondents believe AI's risks outweigh its benefits, with only 15% seeing it as a net benefit, a much more pessimistic view than a year ago. Most acknowledged the need to become proficient in AI but pointed out that it hinders deeper learning and creativity. The report sta