Ryan Payne, president of Payne Capital Management, appeared on “Varney & Co.” to analyze the main drivers of the S&P 500’s recent gains.
Billionaire entrepreneur Elon Musk reiterated his belief this week that artificial intelligence will eventually eliminate the need for human labor, offering a vision for what the future might hold as technology continues to advance rapidly.
During a remote appearance at the Viva technology conference in Paris on Thursday, Musk was asked if he was worried about AI replacing his job, and what he would do if that happened.
Musk wears multiple hats, including CEO of Tesla, founder of xAI, SpaceX and Neuralink, and owner of social media platform X.
American billionaire and Tesla CEO Elon Musk addresses attendees via video conference at the Viva Technology Show at the Porte de Versailles exhibition centre in Paris, France, on May 23, 2024. (Chesnot/Getty Images) / Getty Images)
“In a good scenario, probably nobody will lose their job,” Musk responded. “We’ll have universal high income. Not universal basic income, but universal high income. There will be no shortages of goods and services.”
Tesla CEO Elon Musk opposes EV tax breaks and tariffs on Chinese-made EVs
The tech mogul said he believes there’s an 80% chance that advances in AI will lead to a situation where humans no longer need jobs and will have everything they need.
Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings, speaks at the Milken Institute Global Conference at the Beverly Hilton Hotel in Beverly Hills, California on May 6, 2024. (Apu Gomez/Getty Images/Getty Images)
“The question is really going to be one of meaning: If computers and robots can do everything better than humans can, does life have meaning?” Musk said. “That’s really a question in the good-case scenario, and in the bad-case scenario, we get into deep trouble and everything falls apart.”
IMF President: “AI is like a tsunami hitting the workforce”
Musk has previously predicted that AI will eventually become so advanced that humans will no longer need to work.
Tesla CEO Elon Musk (right) and UK Chancellor Rishi Sunak attend a fireside discussion on the risks of artificial intelligence in London, England, Thursday, November 2, 2023. (Tolga Akmen/EPA/Bloomberg via Getty Images/Getty Images)
“I think we’re witnessing the most disruptive force in history here,” Musk said of AI when he met with British Chancellor Rishi Sunak at the inaugural AI Safety Summit in London last fall.
Click here to get FOX Business on the go
“It’s hard to say exactly when, but there will come a moment when you don’t need a job,” the tech billionaire said. “If you want to work, you can have a job. It’s a kind of personal satisfaction. But AI will be able to do it all.”
