Nobel laureate says AI will take over only 5% of jobs by next decade

“So, if you are a software engineer that does some very basic routines for your work or you’re in IT security or you’re in accounting, those are things that I think there will be applications based on AGI and some other AI tools that will be able to perform these tasks,” he said.

“If you’re a CEO, if you’re a CFO, if you’re an entertainer, if you’re a professor, if you are a construction worker or a custodial worker or a blue-collar worker, I think those things are beyond what AI can perform or AI can indirectly contribute to.”

‘Don’t be taken by the hype’

Organisations across the world have been introducing AI tools to their operations over the past years, with the World Economic Forum saying 41% of employers are planning to downsize their workforce where AI can replicate people’s work.

In fact, some organisations have begun cutting their workforces in favour of implementing artificial intelligence.

But Acemoglu said many businesses are investing in AI blindly amid reports from the media and competitors that they risk falling behind without the technology.