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‘A feedback loop with no brake’: how an AI doomsday report shook US markets (www.theguardian.com)

submitted 15 hours ago by HellsBelle@sh.itjust.works to c/news@lemmy.world

14 comments fedilink hide all child comments

US stock markets have been hit by a further wave of AI jitters, this time from yet another viral – and completely speculative – warning about the impact of the technology on the world’s largest economy.

The latest foreboding is from Citrini Research, a little-known US firm that provides insights on “transformative ‘megatrends’”. Its post on Substack, which it called a “scenario, not a prediction”, rattled investors by portraying a near future in which autonomous AI systems – or agents – upend the entire US economy, from jobs to markets and mortgages.

Citrini’s scenario begins now and ends in June 2028, with US unemployment cresting over 10% and an Occupy Silicon Valley movement setting up camp outside OpenAI and Anthropic’s offices. In the interim, a series of events triggered by the widespread use of AI agents guts software companies and ripples outwards, hitting private credit and mortgages, and leading to an unchecked downward spiral.

Speculative as it is, the scenario has unnerved investors. The S&P dropped more than 1% on Monday, and the software component of the index fell to its lowest level since Trump’s “liberation day” tariff announcement in April. Doubtless some of the wobble is attributable to Trump’s latest tariffs, but Uber, American Express, Mastercard and DoorDash, specifically named in Citrini’s report, all lost between 4% and 6%.

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[–] village604@adultswim.fan 7 points 11 hours ago

Their plan is to own everything so that the economy is irrelevant. What they want is to go back to the days where you worked for the mining company but got paid in company currency that could only be redeemed at company stores.