The Bad PlaceBloomberg Technology | AI’s Promises Are Starting to Materialize – With a Human Cost by Steve Dickson
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AI’s long‑promised productivity gains are finally materializing, but they come with a steep human toll. Bloomberg’s “AI Today” newsletter notes that while AI is now driving the construction of new markets and pricing mechanisms, the shift from hype to real execution is evident in high‑margin areas such as trading. A new platform from Perpetuals.com—backed by a former FTX executive—converts users’ simulated trades into training data for an AI engine that selects viable predictions and deploys real capital, illustrating how AI is moving from novelty to core infrastructure. At the same time, the human cost is stark: Standard Chartered plans nearly 8,000 back‑office job cuts in Hong Kong, highlighting the workforce disruptions that accompany AI’s rapid integration.