Norway Wealth Fund CEO Warns of Backlash Over AI Job Cuts
Nicolai Tangen urged companies to use AI to boost productivity rather than just cutting costs. He warned that using tools for layoffs risks a public backlash.
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Norway's $2.2 trillion sovereign wealth fund CEO Nicolai Tangen urged companies Tuesday to use artificial intelligence for productivity rather than job cuts. The fund owns 1.5% of all global listed stocks across 7,200 companies. Tangen warns that AI-driven layoffs risk a social backlash that could stall technology adoption and market growth.
Large U.S. companies have announced layoffs this year as they streamline operations amid growing use of AI tools. Concern is rising that AI could drive mass unemployment, prompting policymakers to weigh the economic and political consequences.
