The big question right now: How will artificial intelligence (AI) impact jobs? Will workforce and consumption trends follow the trajectory of the seismic shifts that replaced flails with mechanized harvesters and dusty ledgers with QuickBooks? 

History and recent data provide some clues. 

Seismic labor market changes from “general-purpose technologies”—big inventions that impact entire economies—typically take decades or longer to fully emerge. In 1880, around the same time the Second Industrial Revolution began unleashing new inventions like the internal combustion engine, which mechanized farming and fueled an exodus to factory jobs, nearly three in four rural Americans worked on farms.

Today, farmers comprise less than 2% of the U.S. population. Thomas Edison invented the incandescent light bulb in 1879, yet three decades later, only one in seven American homes were wired for electricity.

“History teaches us that even if AI disrupts the labor market, its impact will unfold over many decades,” a National Bureau of Economic Research (NBER) paper said in January. 

But as AI technologies evolve at warp speed, there’s major angst over whether they will vaporize jobs and fuel mass unemployment.

More than half of adult Americans, or 149 million consumers, regularly engage with the most ubiquitous iteration, generative AI, for routine tasks at home and work and for entertainment, such as making grocery lists, summarizing emails or watching a video of AI-generated cats washing dishes at a restaurant, a recent PYMNTS Intelligence study found. The immersion is accompanied by angst: One in three gen AI users worry AI will replace jobs. Four in 10 Gen Zers fear the same.

Take a Beat

Much of the doom-and-gloom is coming straight from the horse’s mouth.

In May, Sam Altman, the CEO of ChatGPT maker OpenAI, told a Congressional hearing that AI could displace 70% of all jobs. That same month, the CEO of AI firm Anthropic, Dario Amodei, told Axios the technology could wipe out half of all entry-level white-collar jobs and create unemployment of 10-20% within the next one to five years. 

Not so fast, some economists say. While the NBER paper co-authors, who include former Treasury Secretary Lawrence Summers, argue that AI “could be a [general-purpose technology] on the scale of prior disruptive innovations,” they write it is “likely too early to assess its full impacts.”

As such, recent data suggests the worriers might want to take a beat.

New Jobs

Employment in advertising, promotions and marketing—all fields widely seen as having core tasks that can be replicated by gen AI—is projected to grow 6% by 2034, faster than the average for all occupations, according to Bureau of Labor Statistics data. 

A March BLS report that looked at professions susceptible to potential AI impacts by 2033 found only credit analysts, claims adjustors and insurance appraisers vulnerable. Everybody else, including software developers, financial advisors, engineers, lawyers, architects and business operations managers, would see more jobs.

Meanwhile, the early evidence suggests AI will help existing workers do their jobs better and create new lines of employment. Bain & Company says the market for AI-related products and services could approach $1 trillion by 2027. Workers are needed to design that software, sell products and manage client relationships over multiple industries, including payments and financial services.

In August, the Federal Reserve’s New York branch found a sharp uptick in AI use by companies in the New York and Northern New Jersey region, with 40% of services firms, including finance, healthcare, business services, hospitality and retail reporting they used AI in the past six months, up from 25% a year ago. At the same time, “layoffs have been almost nonexistent due to AI use,” Richard Deitz, an economic policy advisor at the branch, said about the survey.

What has changed is how those services firms hire. Roughly one in eight surveyed by the Fed said they had hired fewer workers overall in the past six months due to their AI use. Nearly one in four said that would continue over the next six months. But there’s an offset to those reductions. Some 11% of services firms said that when they did hire, they turned to employees with AI skills. By next February, 14% of service firms plan to hire more AI-adept workers. 

Workers in math, computer, office and administrative functions, and business and finance—jobs with more AI exposure—had larger unemployment rate increases between 2022 and 2025, the St. Louis branch of the Fed found last month. But the finding is one of correlation, not causation, the branch emphasized, adding that other factors could explain rising unemployment in AI-exposed occupations, including economic uncertainty, post-pandemic monetary policy tightening and coincidence.

The Federal Reserve Bank of Atlanta found in May that job listings mentioning AI skills were rising quickly for computer and math occupations regardless of the required level of education for the positions—suggesting the upskilling creates more opportunity. At the same time, they’re growing faster for workers with at least a bachelor’s degree, suggesting that such people may have additional, non-AI-related skills that are relevant to their AI knowledge.

Some Jobs May Go Away; Labor Won’t

In other words, AI hasn’t supplanted other important skills or taken over the show.

A recent PYMNTS Intelligence report revealed how large U.S. companies are increasingly dipping their toes into agentic AI, which has the capacity to autonomously takes actions and makes decisions independent of human oversight, like paying a vendor. But the companies are keeping a tight leash on the software, with human hands on the processes the software handles.

Americans have freaked out before about the impact of technology on jobs. In 1982, Soviet-American economist Wassily Leontief, a Nobel Prize winner, theorized in a Scientific American essay that industrial robotics, automation and computing could mirror the effect of the automobile on the horse. 

Two decades earlier, government economists had concluded the opposite. A government report on President Lyndon Johnson’s National Commission on Technology, Automation, and Economic Progress concluded that “technology eliminates jobs, not work.”

The NBER paper authors agree: “At least in the near term, AI is more likely to ratchet up firms’ expectations of knowledge workers than it is to replace them.” 

Few events are more exciting than quarterly Form 13F filings. Aug. 14 marked the deadline for institutional investors with at least $100 million in assets under management to file their 13F with the Securities and Exchange Commission. This filing provides a clear snapshot for investors of which stocks Wall Street’s most iconic money managers bought and sold in the latest quarter (in this case, the second quarter).

Though Warren Buffett is the most prominent of all asset managers, he’s not the only billionaire investor known for their outsized returns or ability to find amazing deals. Appaloosa’s billionaire chief, David Tepper, knows a thing or two about making money in the stock market.

While Tepper is a jack-of-all-trades on the investing front and occasionally plays the part of the contrarian, he’s a clear fan of Wall Street’s most-hyped trend: artificial intelligence (AI). Most of the trillion-dollar companies tied to the evolution of AI can be found in Appaloosa’s $6.4 billion investment portfolio.

Tepper also tends to be pretty active on the investment front. During the June-ended quarter, he added to three trillion-dollar AI stocks, including a company he’d been a persistent seller of for two years. On the other side of the coin, he reduced or jettisoned three other industry-leading AI stocks.

Billionaire David Tepper goes shopping, with Nvidia high on the buy list

During the second quarter, Tepper green-lit the purchase of eight new stocks, as well as added to nine existing holdings. Three of these existing adds are what really stand out:

• Nvidia (NVDA -1.55%): 1,450,000 shares purchased (483% increase)
• Taiwan Semiconductor Manufacturing (TSM 0.65%): 755,000 shares purchased (280% increase)
• Amazon (AMZN 1.23%): 190,000 shares purchased (8% increase)

The Nvidia add is particularly noteworthy as Tepper had reduced Appaloosa’s stake in the company by 97% over the course of two years.

The biggest catalyst that likely incentivized buying activity in this trio of trillion-dollar AI stocks is the short-lived market crash in early April, spurred by President Donald Trump’s unveiling of his tariff and trade policy. Though the steep selling activity lasted less than a week, with Trump pausing higher “reciprocal tariffs” for 90 days via an announcement on April 9, it offered opportunistic investors like David Tepper a chance to grab high-growth tech stocks at a perceived discount.

Furthermore, Tepper likely recognizes that all three of these AI companies bring sustainable competitive advantages to the table:

• Nvidia’s graphics processing units (GPUs) are the undisputed top choice by businesses operating AI-accelerated data centers. Nvidia is ramping up production of Blackwell Ultra and, under the leadership of CEO Jensen Huang, anticipates debuting its Vera Rubin and Vera Rubin Ultra GPUs in the latter halves of 2026 and 2027, respectively. No external competitors are remotely close to matching the compute capabilities of Nvidia’s AI hardware.
• Taiwan Semiconductor Manufacturing, which is best-known as “TSMC,” is the world’s leading chip fabrication company. It’s expanding its chip-on-wafer-on-substrate capacity at a breakneck pace, which should help Nvidia and its rivals better meet enterprise demand for AI-GPUs. TSMC shouldn’t have any issue growing its backlog for advanced chip production.
• On the application side, Amazon Web Services (AWS) is the world’s leading cloud infrastructure services provider, with a 32% share of spend during the second quarter, based on estimates from Canalys. AWS is integrating generative AI solutions and large language model capabilities onto its platform to help Amazon’s clients build out their business.

Though historical precedent suggests an AI bubble will eventually form and burst, which would represent big-time trouble for Nvidia, TSMC and Amazon have sufficiently diversified revenue streams and would likely navigate an AI bubble-bursting event better than the world’s largest publicly traded company.

Image source: Getty Images.

Appaloosa’s billionaire boss bid adieu to Broadcom and reduced two more trillion-dollar AI stocks

On the other hand, Appaloosa’s billionaire investor was a decisive seller of three other AI stocks during the June-ended quarter:

• Broadcom (AVGO -1.06%): 130,000 shares sold (entire position)
• Meta Platforms (META 1.93%): 150,000 shares sold (27% reduction)
• Alphabet (GOOGL -0.13%) (GOOG -0.09%): 510,000 Class C (GOOG) shares sold, (25% reduction)

For two of these three trillion-dollar AI stocks, Tepper being a seller shouldn’t come as a surprise. Since the end of September 2023, Appaloosa has sold 1.55 million shares of Meta (a 79% reduction) and 1.25 million Class C shares of Alphabet (a 45% reduction). Broadcom is a bit of an outlier, with the 130,000 shares purchased in the first quarter being shown the door just a few months later.

The most logical of all catalysts for this selling activity is simple profit-taking. Although the average hold time for a stock in Tepper’s fund is a little over 29 months, he frequently adds and reduces existing holdings, as evidenced by the trading activity noted in these trillion-dollar stocks.

Appaloosa has been a continuous shareholder in Alphabet’s Class C shares and Meta Platforms since the second quarter of 2014 and the first quarter of 2016, respectively. There’s nothing wrong with cashing in some of these chips.

The broader concern is whether this selling activity has anything to do with the stock market rocketing to its third-priciest valuation multiple when back-tested over 154 years.

Last week, the S&P 500‘s Shiller price-to-earnings (P/E) Ratio, also known as the cyclically adjusted P/E Ratio, or CAPE Ratio, hit a multiple of 39.58, which is the third-priciest reading during a continuous bull market dating back to January 1871. The five prior occurrences where the S&P 500’s Shiller P/E topped and sustained 30 for a period of at least two months were eventually (keyword!) followed by 20% or greater declines in the benchmark index.

If the stock market does enter a correction or bear market, premium growth stocks like Broadcom, Meta Platforms, and Alphabet would be expected to take it on the chin. Then again, Nvidia, TSMC, and Amazon would take their lumps, too.

Among this trio, Alphabet and Meta remain attractive on a valuation basis. Alphabet and Meta can be purchased, as of this writing, following the closing bell on Sept. 12, for approximately 23 and 25 times forward-year earnings, respectively. The double-digit growth rates for both companies support these multiples.

But with Broadcom pushing closer to a forward P/E of 40, its short-term risk-versus-reward profile has swung decisively negative.

His journey reflects resilience, innovation and dedication, qualities that have earned him distinction within Marquis Who’s Who as well as respect among peers throughout the technology sector.

HALEDON, NJ, September 17, 2025 /24-7PressRelease/ — Mamer M. Alomari has been selected for inclusion in Marquis Who’s Who. As in all Marquis Who’s Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.

Mr. Alomari has established a distinguished career in machine learning, pricing and promotions, earning recognition for his expertise and innovative contributions to the field. In 2024, he assumed the role of staff machine learning engineer at CVS Health, where he focuses on model optimization and recommendations. His responsibilities include optimizing offers provided after customer purchases, developing pricing promotion models and pricing optimizers to determine optimal pricing strategies that enhance sales. Mr. Alomari also works on promotional models aimed at partnering with various companies to increase their sales through CVS promotions. He oversees a team of 12 engineers, conducts code reviews, leads planning sessions and validates output. Additionally, he provides training to his team and collaborates closely with category managers who communicate with companies promoting products. His leadership and technical acumen have been instrumental in driving innovation within the organization.

Before this position, Mr. Alomari served as a senior machine learning engineer at CVS Health from 2022 to 2024. During this period, he made significant contributions to the development of advanced machine learning solutions that supported the company’s strategic objectives in customer engagement and sales optimization.

Since 2021, Mr. Alomari has also held the position of architect and machine learning engineer at Mooove LLC. In this capacity, he developed a comprehensive platform to optimize interstate moving processes for moving companies. The platform facilitated efficient record management and featured a customer acquisition system that streamlined the process for customers seeking quotes for their moves.

From 2015 to 2024, Mr. Alomari worked as a machine learning engineering consultant with Alshami Consulting. His consulting work allowed him to apply his expertise across various projects, further honing his skills in artificial intelligence and data-driven solutions.

In 2018, Mr. Alomari served as a teaching assistant at the School for International Training Graduate Institute. This academic role enabled him to share his knowledge with students while deepening his own understanding of sustainable development and its intersection with technology.

Earlier in his career, Mr. Alomari contributed to Aquagen Inc., where he developed a computer vision algorithm designed to enhance compliance and safety in drug manufacturing environments. The algorithm focused on ensuring workers wore appropriate safety equipment such as helmets, masks and gloves, thereby reducing contamination risks during production.

In 2015, Mr. Alomari joined Weichert Realtors, where he built the company’s first house price estimation model. By integrating data from multiple sources, he created a tool that accurately determined property values for potential buyers.

Mr. Alomari began his consulting career in 2013 at ConocoPhillips, focusing on data analytics, data wrangling and developing robust data pipelines that supported business operations.

Throughout his professional journey, Mr. Alomari has demonstrated exceptional skill in leveraging artificial intelligence to solve complex business challenges. His achievements include winning the CVS Venture Capital Competition in 2023 with an innovative design for an artificial intelligence bot capable of communicating with consumers in Portuguese, Spanish, English, Arabic and Mandarin Chinese. The bot explains health maintenance organization and preferred provider organization benefits, helping users understand prescribed medications and supplementing customer service functions across diverse populations.

Mr. Alomari’s educational background has played a pivotal role in shaping his career trajectory. He earned a master’s degree in sustainable development from the School for International Training in Brattleboro, Vermont, in 2019. He completed coursework in data science, computer and information sciences, and support services at Springboard in 2020, as well as coursework in Amazon Web Services machine learning scholarship and machine learning at Udacity Inc. in 2021. Earlier academic pursuits include coursework in liberal arts and humanities at Passaic County Community College in Paterson, New Jersey, in 2015 and a bachelor’s degree in economics and accounting from Damascus University in Syria in 2012.

To further bolster his technical credentials, Mr. Alomari holds several certifications, including a certification in Google Platform, a certification in Google Cloud, a certification in Azure Cloud Platform, a certification in coding and a certification in artificial intelligence and machine learning.

Mr. Alomari attributes his success to an optimistic outlook shaped by his experiences as an immigrant to the United States following the outbreak of civil war in Syria in 2012. Upon relocating with his family, he witnessed firsthand the opportunities available through hard work and perseverance, values exemplified by his brother’s successful operation of Alshami Shawarma Shop in Paterson, New Jersey. The restaurant’s success enabled Mr. Alomari to focus on advancing his own career ambitions.

His passion for artificial intelligence was sparked despite an initial academic background in accounting and economics; he pursued self-directed study to master new technologies that would define his professional path.

Beyond his professional accomplishments, Mr. Alomari enjoys playing soccer as a goalkeeper, hiking, sailing, playing chess and visiting coffee shops during his leisure time. Looking ahead, he aspires to circumnavigate the globe, aiming to become the first Syrian to achieve this feat, and hopes to reach a stage where he can dedicate himself fully to community-centered projects driven by passion rather than necessity.

Mr. Alomari’s journey reflects resilience, innovation and dedication, qualities that have earned him distinction within Marquis Who’s Who as well as respect among peers throughout the technology sector.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

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