Microsoft Corporation (MSFT) Co-Founder Bill Gates Thinks That Artificial Intelligence Is Something To Be Worried About

bill gates

Microsoft Corporation (NASDAQ:MSFT) co-founder, Bill Gates, has fired the first warning shot over the kind of impact artificial intelligence will have on the labor industry. Gates has concerns that the technology could become harmful, especially to the human labor market, and could grow to become more intelligent than humans.

Impact On Human Labor

The Microsoft Corporation (NASDAQ:MSFT) philanthropist believes that, eventually, the technology could form an integral part of the labor market, going as far as replacing humans in the workplace, due to its intelligence and accuracy in carrying out some tasks. Big changes could be coming to the labor market that many people and governments are not prepared for, according to Gates. The billionaire believes that, in the years to come, tax codes may need to change to encourage companies to hire employees, a move that may include eliminating income and payroll taxes altogether.

Gates is of the opinion that, in 20 years, most of the jobs will go away and be replaced by software automation. Some of the jobs that the billionaire believes are at risk as a result of the growth of artificial intelligence technology include telemarketing, accounting, and retail.

The Automation Risk

The Microsoft Corporation (NASDAQ:MSFT) co-founder is also taking note of how Silicon Valley companies that make a vast amount of money are replacing humans with new technology for their production processes.

The billionaire affirms that it is inevitable to imagine how the pattern of more robots in companies is rising and how people will eventually give up on the notion of trying to contribute anymore. Gates also notes that humans have always shown some form of ingenuity in the face of technology change arousing concerns of whether the sheer speed of this era will eventually catch many people unprepared.

Gates doesn’t believe that the threat of Artificial Intelligence in the labor market could be managed, as many people believe. Affirming that just as the law has trouble keeping up with the speed of technology, so do other aspects of life.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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