AI Will Lead To 300 Million Layoffs In The US And Europe

With the hype surrounding AI rising to nosebleed levels - or just shy of where NVDA is trading right now - we were waiting for the Goldman "initiation report" to call the coming peak-AI moment, the same way Goldman's initiation of crypto in May 2021 (see "The Amazon Of Information": Goldman Initiates On Crypto, Sees Ethereum Overtaking Bitcoin") preceded the beginning of the crypto winter (by about 6 months). Well, the moment finally came this weekend when virtually every analyst on Goldman's tech team published a 60-page (part I) magnum ops "laying out the investment framework" for Generative AI. i.e., the infamous "initiation coverage" kiss of death.

While there is a lot in the full report (available to pro subscribers in the usual place), which covers everything from the evolution of AI...