Is AI Already Taking Our Jobs?
As AI technology continues to advance, concerns arise over its impact on the workforce. Many fear that AI could potentially replace human workers in various industries. The debate over whether AI is already taking our jobs rages on among experts and policymakers. Some argue that AI can create new job opportunities, while others worry about job displacement.
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.
Shopify's AI Employment Approach
Markets aren't the only area experiencing some big swings. The way companies go about employment and hiring is also set for a shakeup. E-commerce software giant Shopify (SHOP) is out with a new memo stating that it will not bring aboard any new workers unless managers can prove artificial intelligence isn't able to do the same job.
Quote: "Before asking for more Headcount and resources, teams must demonstrate why they cannot get what they want done using AI," Shopify CEO Tobi Lütke wrote. "What would this area look like if autonomous AI agents were already part of the team? Frankly, I don’t think it's feasible to opt out of learning the skill of applying AI in your craft; you are welcome to try, but I want to be honest - I cannot see this working out today, and definitely not tomorrow."
Many companies are experimenting with AI and how it can assist with productivity, but the new announcement shows just how far things can be taken in terms of replacing human workers. "Reflexive AI usage is now a baseline expectation at Shopify," Lütke added, saying it applied to everyone at the company, including himself and other top brass.
Shopify will also start to include AI usage in employee performance and peer reviews, with the technology set to "totally change Shopify, our work, and the rest of our lives."
Outlook: While there are some questions about guardrails, it might just be the latest iteration of "move fast and break things" for the tech world. To help employees adapt to the new culture, Shopify is offering as many cutting-edge AI tools as possible, like Copilot, Cursor, and Claude code, as well as AI-powered chat platform chat.shopify.io.
The company has also been active on the M&A front to boost productivity and its offerings, scooping up seven AI-focused startups over the past year, including the latest one - Vantage Discovery - which builds AI-powered search functions for retailers.
Other News Highlights
WSB survey results: Not much of an impact from earnings season. China pledges to 'fight to the end' against new U.S. tariffs. US Steel (X) jumps as Trump orders fresh review of Nippon deal. Tariffs: Levi's (LEVI) loads up and Apple (AAPL) to source from India? EPA and HHS to study fluoridization of public drinking water. BlackRock's (BLK) Fink sees 'buying opportunity' during market selloff. Health insurers rally as CMS raises payment rates for Medicare plans. Trump team weighs exporter tax credit as reciprocal tariffs loom. Direct or indirect? U.S. set for talks with Iran over nuclear program. Harvard University plans $750M bond sale amid funding threat. SA Asks: Which retailers are best positioned for higher tariffs?
Today's Markets and Economic Calendar
In Asia, Japan +6%, Hong Kong +1.5%, China +1.6%, India +1.5%. In Europe, at midday, London +1.8%, Paris +1.5%, Frankfurt +1.7%. Futures at 7:00, Dow +1.9%, S&P +1.5%, Nasdaq +1.3%. Crude +0.1% to $60.77. Gold +1.7% to $3,023.40. Bitcoin +2.4% to $79,131. Ten-year Treasury Yield +1 bp to 4.17%.
Today's Economic Calendar: 06:00 AM NFIB Small Business Optimism Index, 11:00 AM Treasury Buyback Announcement, 01:00 PM Results of $58B, 3-Year Note Auction, 02:00 PM Treasury Buyback Results, 02:00 PM Fed's Daly Speech.
Companies reporting earnings today: [No specific list provided]