Howard Marks warns AI layoffs are the ‘first canary in the coal mine’
Australian Financial Review
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Details
- Date Published
- 3 Mar 2026
- Priority Score
- 3
- Australian
- Yes
- Created
- 3 Mar 2026, 10:00 am
Description
Influential investors say that even a wall of money for data centre development will not be enough to ward off employment upheaval from artificial intelligence.
Summary
This article highlights concerns from influential investors Howard Marks and an unnamed counterpart about the imminent employment disruption caused by AI. The lay offs at Block, including Australian Afterpay staff, are cited as an early indicator of a larger trend. The piece suggests that current business and government preparations are inadequate to handle the scale of job displacement, emphasizing the need for proactive strategies to mitigate widespread unemployment and societal impact. The article's significance lies in its focus on the economic consequences of advancing AI, particularly large-scale job losses, and the lack of preparedness.
Body
TechnologyBusiness SummitPrint articlePaul SmithTechnology editorMar 3, 2026 – 7.28pmTwo of Wall Street’s most influential investors have warned that businesses and governments are unprepared for the employment upheaval that will be wrought by the rapidly increasing sophistication of artificial intelligence.Oaktree Capital Management co-chairman Howard Marks said mass lay-offs at Jack Dorsey’s Block last week, which included 650 Australian Afterpay staff, were the “first canary in the coal mine” for greater disruption to come.Loading...Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, artificial intelligence, business use of tech, the fast-growing Australian tech industry and start-ups, and national innovation policy from our Sydney newsroom. Send tips to @sayssmithy.99 on encrypted messaging platform Signal. Connect with Paul on Twitter. Email Paul at psmith@afr.comSaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreBusiness SummitAFR LiveOpenAIJobsEmploymentAIFetching latest articles