We recently compiled a list of 11 trending AI stocks with latest news and valuations. In this article, we’ll take a look at how Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE:TSM) stands compared to other trending AI stocks.
The extent to which AI technology is likely to disrupt life as we know it in the coming years remains a mystery. However, multiple organizations are working to quantify these changes to better understand the evolving business environment. For example, the Tony Blair Institute for Global Change, a London-based non-profit organization, recently estimated that between 1 million and 3 million private sector jobs will be eliminated by AI over the next few years in the UK alone. A report has been released detailing that this is a possibility. However, the report also stressed that the eventual rise in unemployment would be in the low hundreds of thousands of jobs, as technological advances also create new roles. The nonprofit estimates that at the peak of AI-driven disruption, between 60,000 and 275,000 jobs will be lost each year for decades.
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The institute put this figure in a broader context by highlighting that the average number of unemployed people in European countries over the past decade was 450,000 per year. The report says AI-driven disruption appears small compared to these numbers. The report further highlighted that a common lesson is that AI is likely to encourage more workers to leave their existing jobs and take up new ones, increasing labor market dynamism. The institute says managerial and secretarial jobs are most exposed to new technology, followed by sales, customer service, banking and finance jobs. The think tank’s study further claimed that the introduction of AI could increase GDP by up to 1% over the next five years, and up to 6% by 2035.
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