Sam Altman has said the large-scale job disruption from artificial intelligence (AI) that he once feared has not happened so far, adding that he is relieved his earlier prediction turned out to be wrong.
Speaking virtually at a business conference hosted by the Commonwealth Bank of Australia in Sydney, the OpenAI CEO said AI has not led to the immediate “employment apocalypse” many had expected after the launch of ChatGPT in 2022.
Altman admitted that while OpenAI accurately predicted the rapid growth in AI capabilities, it misjudged how quickly those advances would affect jobs and the broader economy.
“The jobs picture is likely to be very different than we thought,” Altman told CBA Chief Executive Matt Comyn during the virtual conversation.
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He said the strength of the labour market despite growing AI adoption has surprised him.
“The fact that our prediction was off actually came as a relief,” Altman said. “I originally thought entry-level white-collar roles would have been significantly reduced by AI by now, but that hasn't happened. I am glad to have been wrong about this.”
Altman added that he now better understands why large-scale job losses did not happen as quickly as expected.
“I now understand the reasons behind this more clearly, and I'm grateful for it. My intuition on this matter was indeed mistaken,” he said, pointing to the complexity of workplace systems, company structures and the slower pace of institutional change.
Since the launch of ChatGPT, several technology leaders and economists had warned that generative AI tools could rapidly replace knowledge-based jobs, particularly entry-level corporate roles.
When asked whether his earlier warnings may have caused unnecessary fear, Altman defended his comments, saying he believed it was important to openly discuss the possible risks linked to AI adoption.
“Some might say you could have spared people from unnecessary panic and pessimism,” Altman said. “But at the time, I believed this was a real risk that warranted open discussion — and it could still materialise in the future.”
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Even though AI has not caused sudden job losses, companies across sectors have increasingly started using generative AI tools to improve efficiency in areas such as customer service, legal work and internal operations.
Banks including HSBC, Standard Chartered and the Commonwealth Bank of Australia, along with technology companies such as Amazon, have expanded the use of AI tools in daily operations.
Altman's remarks also come at a time when OpenAI is reportedly preparing for a possible US initial public offering that could value the company at nearly $1 trillion, according to reports.
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