‘Godfather of AI’ Geoffrey Hinton Issues Stark Warning: AI to Fuel Mass Unemployment and Profit Surge, Citing Capitalism

Pioneering computer scientist Geoffrey Hinton, widely known as the ‘Godfather of AI,’ has issued a stark warning regarding the future impact of artificial intelligence on the global economy. In a recent interview with the Financial Times, Hinton predicted that AI technology is poised to trigger a significant surge in unemployment and a dramatic rise in corporate profits, primarily benefiting a select few.

Hinton firmly stated that the blame for these potential societal shifts lies not with the technology itself, but with the capitalist system. ‘What’s actually going to happen is rich people are going to use AI to replace workers,’ Hinton explained. ‘It’s going to create massive unemployment and a huge rise in profits. It will make a few people much richer and most people poorer. That’s not AI’s fault, that is the capitalist system.’

While widespread layoffs directly attributed to AI have not yet materialized, evidence suggests a growing trend of AI shrinking entry-level job opportunities. This perspective echoes sentiments Hinton shared with Fortune last month, where he criticized AI companies for prioritizing short-term profits over long-term societal consequences.

The Nobel laureate also dismissed the idea of Universal Basic Income (UBI) as a solution to AI-driven job displacement, as proposed by figures like OpenAI CEO Sam Altman, arguing it ‘won’t deal with human dignity’ and the intrinsic value people derive from employment.

Beyond economic concerns, Hinton reiterated his long-standing warnings about AI’s potential existential risks, estimating a 10% to 20% chance of the technology posing a threat to humanity if superintelligence develops without proper guardrails. He also highlighted the risk of AI being misused, such as in the creation of bioweapons, and expressed concern over varying governmental approaches to AI regulation.

Hinton clarified his 2023 departure from Google was primarily due to retirement at age 75, rather than solely to speak more freely about AI dangers, though he acknowledged the timing allowed him to voice his concerns more openly.

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