In a comprehensive discussion of artificial intelligence's influence on the labor market, Robinhood Markets Inc. (NASDAQ: HOOD) CEO Vlad Tenev provided insights into how AI is expected to transform work without necessarily reducing the overall number of jobs. During a recent interview with Fox Business, Tenev asserted that while AI changes the nature of labor, it is unlikely to eliminate it completely. He pointed to historical precedents where technological innovations altered job landscapes rather than entirely displacing workers.
Tenev noted that apprehensions regarding permanent job losses due to automation and AI often overlook the broader economic and social shifts that accompany technological progress. He remarked, "AI will lead to an explosion of new jobs," suggesting that these new roles might initially seem unfamiliar within traditional employment frameworks but will expand labor market opportunities.
To frame this perspective, Tenev referenced long-term workforce trends, particularly the transition in the United States from predominant agricultural and factory labor toward office-based and digital occupations. These shifts were frequently met with skepticism when they first occurred. He recalled, "Maybe 100 years ago, our ancestors would be looking at what you and I are doing right now … and think that's not real work," indicating how societal perceptions of labor evolve over time.
Tenev further discussed the continuing redefinition of what constitutes work in the modern era. He suggested that AI might enable new occupations centered around investing, trading, and other digital activities—areas currently not always recognized as traditional full-time employment. He said, "Maybe that's not real work," highlighting a contemporary debate about occupational legitimacy, but cautioned that future workers in these fields will likely encounter the same stresses and responsibilities characteristic of conventional employment. "To the people of the future, it'll definitely feel very real and stressful," he added.
Beyond job creation, Tenev addressed the velocity of AI's development, expressing unease about the rapid acceleration of these technological changes. Despite historical examples of disruptive innovation, he explained, "The velocity, the rate of change, and the acceleration makes us very nervous," reflecting concerns about society and labor markets adapting to swift advancements.
The interplay between AI and workforce dynamics has already manifested in corporate decisions affecting employment. For instance, Amazon.com Inc. (NASDAQ: AMZN) recently identified AI as one factor contributing to layoffs announced in October, signaling the tangible implications of automation on job stability in some sectors.
These developments align with broader governmental analysis. A Senate Health, Education, Labor and Pensions Committee report has projected that automation and AI could replace nearly 100 million jobs over the next decade, particularly affecting fast-food workers, accountants, truck drivers, and others. This dual narrative underscores the complexity of AI's labor market impact, encompassing both potential job displacement and the emergence of new employment categories.
Overall, Tenev’s remarks situate AI within a continuum of technological shifts that have recurrently reshaped and expanded the nature of work, while acknowledging the unprecedented speed of contemporary changes as a source of societal tension and uncertainty.