BofA throws cold water on AI apocalypse panic: 60% of today’s jobs didn’t exist in 1940

The doomsday crowd may want to check its history books.

As fears of an AI-driven jobs apocalypse intensify across boardrooms, union halls, and college campuses, Bank of America’s global research team is urging a reality check. In a report published April 28, BofA economists argue that the “Armageddon narrative” around artificial intelligence “sits uneasily with both economic theory and the evidence so far” — and they’ve got 85 years of labor market data to back them up.

The bank’s central argument is simple...