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AI’s Ugly Underbelly – Job Losses

AI’s Ugly Underbelly – Job Losses

Davis Wilson

Posted October 10, 2024

Davis Wilson

Here’s an insight that I’m only sharing with you.

What I’m about to share will soon change corporate America as we know it.

It will also have a tremendous impact on our stock market.

This insight deals with the impending workforce adjustment stemming from artificial intelligence.

I’m sure you know that AI is a major threat to many job functions. Call center jobs and administrative roles are typically mentioned as being first to go.

What you probably didn’t know is just how soon artificial intelligence could start replacing other jobs as well.

I know this because I’ve got close contacts at a company that’s currently leading the way in this transition.

Let me explain.

Accenture: “Together, We Can Reinvent Your Business”

Accenture (ACN) is one of the largest consulting firms in the world.

As of 2023, the company employed more than 700,000 people across over 120 countries.

Accenture’s clients include Microsoft, Google, BP, Unilever, Oracle, and hundreds of other major companies.

These companies hire Accenture to “reinvent their business” through strategy, technology solutions, and outsourcing.

I cannot overstate how influential this company is.

Recently, I was told on good authority what Accenture has in store for the AI revolution.

Currently, the company is using AI to reinvent its own business.

More specifically, the company is using agentic AI to automate job functions, streamline operations, and decrease headcounts.

Agentic AI systems are a type of artificial intelligence that can achieve goals and make decisions without direct human supervision.

Agentic AI promises to boost productivity and control labor costs – perfect for businesses looking to increase efficiency and profits.

Next, the company will offer these services to clients – using themselves as the case study.

If they’re successful, their long list of Fortune 500 clients will likely be next to “reinvent themselves” through artificial intelligence.

Yes, that means more automated job functions, streamlined operations, and, of course, decreased headcounts.

[Note: there are a few other large consulting firms like Accenture with a similar playbook, too.]

A few days ago, Accenture reached a big milestone on this journey.

Accenture partnered with AI chip leader Nvidia in a deal that promises to bring AI to businesses.

Accenture and Nvidia announced a partnership last week with Accenture’s new Nvidia business group focused on helping customers rapidly scale AI adoption.

“AI will supercharge enterprises to scale innovation at great speed,” Jensen Huang, founder and CEO of Nvidia, said in a statement. “Nvidia’s platform, Accenture’s AI Refinery, and our combined expertise will help businesses and nations accelerate this transformation to drive unprecedented productivity and growth.”

Based on my conversations with company insiders, it seems like Accenture’s AI experiment on themselves is working well enough that they’re now beginning to roll out their AI consultancy services to their long list of clients.

And they just partnered with Nvidia to do it.

I’m telling you this for a couple of reasons.

Of course, this is the underbelly of artificial intelligence that many people are afraid of – mass job losses.

However, it’s important to know this is a playbook we’ve seen before.

Think about the invention of the internet, the automobile, ATMs, electric vehicles, and countless other technologies people thought were going to destroy jobs.

Like all of these inventions, AI is just another step forward in the evolution of technology, which one day will likely employ more people than it ever replaces.

Because you’re reading this, you’re likely in the investing class which gives you a unique advantage over most of the population.

The best way to protect yourself is to be an owner of the companies benefitting most.

We talk about them constantly here in Altucher Confidential – Nvidia, Intel, and Tesla to name a few.

Stick with us as we continue to follow this story closely.

For now, just know that this AI revolution is coming sooner than most people expect, and your best defense is to own the companies benefitting most.

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