Top Economist Says There Is 'Zero Evidence' Of AI Job Losses Despite Growing Layoff Fears

Apollo Global Management chief economist Torsten Sløk argues there is “zero evidence” AI is causing broad job losses, citing ADP employment data and rising demand for AI specialists, data-center construction, semiconductors and related energy/equipment. He says AI spending is supporting hiring and inflation, framing the trend as a Jevons paradox where greater efficiency raises overall demand. The view counters warnings from policymakers and some layoff reports — Challenger reported 21,490 planned AI-attributed cuts in April — but aligns with comments from Goldman Sachs and Nvidia executives that AI will reshape jobs rather than eliminate them outright. Market impact: Sløk’s institutional outlook supports positive demand expectations for tech, data-center and semiconductor sectors and may be favorable for tech-heavy indices such as US Tech 100, though political and layoff headlines keep near-term risk mixed.