Jack Hidary, SandboxAQ CEO, joins 'Money Movers' to discuss layoffs amid AI adoption and how CEOs are preparing their workforces as the technology advances over the next several years.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Jack Hittery, CEO of SandboxAQ, addressed the impact of artificial intelligence on the workforce, referencing a World Economic Forum survey indicating that a significant portion of companies anticipate workforce reductions due to AI. He identified sectors such as warehouse fulfillment and e-commerce as being particularly vulnerable to job losses, while also noting that AI is expected to drive job growth in fields like cybersecurity, healthcare, and the power sector.

Hittery pointed out the growing demand for skilled workers in cybersecurity, with hundreds of thousands of open positions, and highlighted how AI is increasing the need for such roles. He also mentioned that advancements in healthcare and life sciences, as well as the expansion of data infrastructure and power generation, are creating new opportunities for employment. Hittery stressed the importance of aligning education and training with these emerging needs to address the skills mismatch in the evolving job market.

SandboxAQ CEO on AI's impact on the job market long-term

A World Economic Forum survey from earlier this year suggesting that 41% of companies expect to reduce their workforce over the next five years because of AI. Let's bring in SandboxAQ CEO Jack Hittery. SandboxAQ provides AI solutions to partners such as Microsoft, Amazon, Google, across industries. Jack, welcome back. It's good to have you. Hey, Sarah. Hey, Carl. Good to see you both. I did note that it's good to see you. on youth unemployment and wondering if there's a mismatch here between what skills are needed for our AI future and how kids are graduating right now. What do you think? Well, there's definitely a mismatch. You're going to see a number of sectors that will shed jobs due to AI. You mentioned a few of them. One additional one to look at in terms of losing jobs will be the fulfillment sector, warehouse fulfillment, e-commerce. If you look at the number of jobs employed in warehouses and fulfillment by Amazon, Walmart, Target, Costco, you're talking about well over 2.5 million jobs just in the United States alone. That's going to be under very significant pressure, both from software AI, but also as we get to robotics with Tesla, future AI, many other companies coming into the space. Amazon, Walmart, and others already experimenting with these devices, and you'll see further cuts in the hundreds of thousands there in e-commerce and fulfillment. On the other hand, Sarah, to your point, there are sectors that we're going to see job growth because of AI, and there's certain skills that we definitely need to have folks learn. One of those to start off is cybersecurity. There's 500,000 missing trained people in America for 500,000 open jobs in cyber right now. And AI is actually increasing the need for cyber workers. So cyber is a good place for jobs. You also, I think, noted healthcare and life sciences, and I wonder if the technology is there yet in that industry where that can be a job grower. Absolutely. Right now you're seeing the application of AI initially happened on productivity, such as in marketing, customer service, a number of companies laying people off in customer service. But on the healthcare and life sciences side, you're seeing right now already impact of AI on the positive side, increasing the ability to create better diagnostics, better therapeutics, and people will start to live longer. So elder care will actually start to increase. Our longevity, our lifespan in the United States plateaued over the last number of years. We expect it actually to start increasing again, leading to more demand for workers to take care of the elderly, particularly since we have low childbirth rates, you'll need more workers to take care of the elderly as well. So we're seeing an increased demand over the next three to four years because of AI in healthcare and life sciences. More short term, Jack, we were showing some of these survey charts that suggest there's been a slowdown in recent weeks of companies saying they used AI tools to sell a good or service in the last couple of weeks. And I'm wondering if you think seasonal tech spending trends, year-end budgets, waiting for a new generation of technology will also apply to this sort of AI spending universe. I think there is going to be a surge. First of all, when you cross AI with cyber, you're going to see a surge there. NIST, N-I-S-T, a part of the United States government just came out with new cyber standards. And again, because of both AI and the new NIST standards, you're going to see a surge in demand for cyber workers coming up in the next months, but also the next years. Another area of surge because of AI is the power sector. Right now, you saw the numbers just coming out from OpenAI and their intention to spend well over $100 billion in data infrastructure, XAI from Elon Musk, same numbers, $100 billion looking like over the next number of years. That means we've got to create and build gigawatts of power. That's going to benefit gas sector, nuclear, as well as solar and batteries. Those are going to need workers starting now. This is not a five-year kind of thing. This is right now. This is happening. And we're going to see a surge in those sectors, including also material science, the materials, the alloys, the battery chemistry to make all that happen. And that's where we've been working with NVIDIA specifically in that area.

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SandboxAQ CEO on AI's impact on the job market long-term

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Rise of AI