10AM Hour: AI Leaders Call for Slowdown, President’s Trump’s Response, CEO of the AI Chip Firm Challenging Nvidia 9/14/26

Sara Eisen (0:00)

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Sara Eisen (1:08)

Good Monday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live as always from Post 9 of the New York Stock Exchange. Stocks are getting hit to start the week, though off their worst levels, as AI fears boil over, with investors keying in on what a slowdown in development could mean for spending and for the IPOs in the pipeline. We'll discuss with tech-earned investor and early Anthropic backer, Byron Deeter. Plus, we'll talk with the CEO of one company that's taking on Nvidia by unveiling what it calls the fastest chip for agentic AI. We'll also get to the latest in the Middle East as oil prices jump again, feeling more concerns around inflation ahead of this week's key Fed decision.

But guys, with the concerns around AI front and center, I thought we would look at, you know, lately some of the concerns have been around safety, but there's still this overarching concern around jobs, AI taking our jobs, right? You see it in all the surveys and the poll data. NBC News has one that shows 70% of people are worried that AI is going to take their jobs.

We don't know exactly what's going to happen with AI and jobs, but there is some early evidence. And I just wanted to point you to a few key charts from the New York Fed, for instance, about what's really happening when it comes to AI and jobs. Thank you, Apollo, for highlighting this New York Fed survey, which shows, it was carried out in August, 34% of service firms, 22% of manufacturers, are using AI are retraining staff, while only 4% and 0% actually report layoffs. That's good news. It means that those that are using AI are retraining their staff to use AI and they're not replacing them. Apollo says it's consistent with their core view that AI is putting downward pressure on wages and AI exposed occupations without a significant negative impact on employment, which could be one thing. There's an even more optimistic ramp paper, David, on AI that companies that are investing heavily in AI are actually growing their headcount 10% over the last two years following adoptions. Entry level hiring grew even faster, up 12% over the past two years after these companies that made the biggest AI investments actually worked it out. In other words, they're getting more productivity, and instead of firing workers, they're actually hiring workers. So those are two, I think, positive data points on the whole AI is taking our jobs doomsday.

David Faber (3:26)

Yeah, without a doubt. That's a positive. I mean, we're almost four years in now since the introduction of Chach-EPT, in the beginnings, at least, of sort of that conversation around what will the advancement of this technology mean. That said, we're only at the very beginning of sort of this greater intelligence revolution where the models will be able to do seemingly all work and do it at a level that is perhaps higher than many, or if not all, humans.

Sara Eisen (3:56)

Right, and with Dario Amode's warning today, over the weekend, and pacing the frontier, it is worth noting that he and their papers that they put out continue to be very pessimistic on the jobs front when it comes to AI. Their paper shows that knowledge worker jobs unemployment rate could go up to 18 percent by 2030

SPEAKER_5 (4:17)

This is unemployment?

David Faber (4:18)

Yeah.

Sara Eisen (4:18)

Yeah, that's an extreme scenario. Unemployment, that's bad when it goes up, and 18 percent is certainly ugly for knowledge workers.