An AI doomsday report shook US markets (www.theguardian.com)

A speculative report from Citrini Research, shared on Substack, has sent waves of anxiety through US markets, particularly impacting shares of companies like Uber, Mastercard, and American Express. The report outlines a dystopian scenario predicting that the rapid adoption of autonomous AI systems could drastically destabilize the US economy by 2028, projecting over 10% unemployment and triggering movements against tech giants. The bleak forecast describes a chain reaction, where software firms collapse under pressure, exacerbating issues in private credit and mortgages, ultimately leading to significant market declines. While the report has been dismissed by some analysts as alarmist—fitting into a genre of “doomsday porn”—its influence on investor sentiment cannot be understated. Following the publication, the S&P index dropped over 1%, marking the lowest point for its software sector since previous significant economic disruptions. This incident underscores broader concerns within the AI/ML community about the transformative impacts of AI deployment and illustrates how speculative narratives can swiftly affect market dynamics, serving as a reminder of the economic shifts already underway in the tech landscape.