Human resources and technology concept for AI augmenting team work. Leowolfert | Istock | Getty Images The rise of artificial intelligence (AI) has been stunning in both its speed and impact. According to data from Goldman Sachs , investment in AI is expected to reach $100 billion in the U.
S. and $200 billion globally by next year. Last year, in private equity alone, generative AI (GenAI) investments reached $2.
18 billion – double from the year before. Yet, while we often hear about the boundless promise of AI – as we should – we also need to pay more attention to the careers, lives and communities it will disrupt, including those who have so far been left out. For example, according to a recent McKinsey study , Black Americans are 10% more likely to be working jobs slated for AI automation.
In addition, the same study anticipates that AI will disrupt 4.5 million jobs for Black workers. This disruption has the potential to impact billions of dollars in Black economic potential and growth.
If current trends hold, the new wealth created by GenAI alone will increase the racial wealth gap by $43 billion annually , according to McKinsey. We have already seen firsthand how the rapid adoption of technology can exacerbate gaps and create new divides. One only needs to look at the creation and adoption of computers and the internet.
In 1987, economist Robert Solow famously claimed that "you can see the computer age everywhere but in the productivity statistics." Today, we almost.