Paul Tudor Jones Fears AI Job Losses Will Worsen Social Division | Company Business News-OxBig News Network

(Bloomberg) — Paul Tudor Jones said he’s concerned about potential societal fallout from artificial intelligence-driven job losses and urged politicians to consider how to best regulate the technology. 

Jones, who founded the $16 billion macro hedge fund Tudor Investment Corp., said that technology-driven productivity gains have in recent decades overwhelmingly favored the rich and contributed to societal division. Job losses due to AI could worsen that divide, he said in a Wednesday interview with Bloomberg TV. 

Jones added he’s concerned that “a Libertarian bent that has taken hold of this administration” could pose roadblocks to regulating the technology. A provision in President Donald Trump’s signature tax bill, which passed in the House of Representatives and now faces Senate approval, called for a 10-year ban on states regulating AI.

“You have to sit down and begin a discussion — how do we have AI for good? And how do we prevent the AI for bad on a safety and security standpoint?” he said, urging US leaders to think about optimizing productivity gains from AI “so people are happy and not unhappy.”

Jones has sounded an alarm on the potential negative impacts of AI before. But on Wednesday he also said fund managers will have to embrace it. In the near-term, AI is already changing global macro and quantitative funds like the one he runs, he said. 

“With these new models, it’s incredible what they do,” he said. “It is obviously the most disruptive technology in the history of mankind.”

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