'All Garbage': Billionaire Ken Griffin Says AI Jobs Panic Is Hype Because Companies Can't Raise Billions Without Promising AI 'Will Change the World' [Yahoo! Finance]
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Source: Yahoo! Finance
But billionaire Ken Griffin says much of that panic is just a narrative to justify raising the billions needed to keep the expensive, cash-burning AI race going. Speaking at the World Economic Forum in Davos, Switzerland, in January, the founder and CEO of hedge fund Citadel said that data center spending in the U.S. is projected to reach a whopping $500 billion this year alone, and companies have to justify this spending. "You're not going to generate this kind of spend unless you're going to make a promise you're going to profoundly change the world," he said. "How else are you going to get people to write $500 billion of checks just this year alone? There needs to be a level of like AI is your savior, almost." ‘Not One Involved Generative AI' Griffin said the AI boom is driving a broader shift across corporate America, with budget authority increasingly moving to chief technology officers as companies commit to higher spending on digitization beyond just AI. He said large l
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