Concerns over job displacement by artificial intelligence have increased among professionals across various sectors. This anxiety is not unfounded, as numerous companies have recently linked their layoffs to the adoption of AI technologies. However, Torsten Slok, Partner and Chief Economist at Apollo Global Management, published a blog post on June 1, 2026, arguing that there is “zero evidence of job losses because of AI.” He referred to data from the ADP National Employment Report to back his claims.

Slok contends that instead of replacing workers, organisations are more inclined to seek individuals who can assist with the integration and utilisation of AI technologies. He noted that many companies are hiring specialists in AI implementation and that the demand for such roles is driving up salaries for AI professionals and the costs of related resources, such as semiconductors and equipment.

In his analysis, Slok highlighted the shift towards hiring AI expertise rather than reducing headcounts. This contradicts the narrative that AI alone is responsible for job redundancies in the workforce.

Potential For Job Creation Through AI Investments

Slok’s perspective is that the financial influx into AI is likely to generate more employment opportunities rather than reduce them. He cited the economic principle known as Jevons Paradox, which posits that when a technology becomes more affordable, its demand tends to increase, leading to more jobs. He illustrated this with historical examples, noting that technological advancements, such as steam engines, ultimately resulted in greater coal consumption rather than a decrease.

In his latest blog entry, Slok projected that nonfarm payrolls for May could exceed the expected figure of 95,000 jobs, attributing this potential growth to the ongoing demand for technological services. His outlook reflects a belief that advancements in AI will create a broader range of employment possibilities as they develop.

Slok’s views resonate with opinions expressed by other leaders in the technology sector. At a recent conference, OpenAI CEO Sam Altman acknowledged that his earlier apprehensions regarding AI-induced job losses might have been overly pessimistic. He remarked that AI has not displaced as many employees as previously anticipated, especially in lower-level white-collar positions.

The Source Of Job-Related Anxiety

The fear surrounding AI’s impact on jobs has legitimate grounds. In the past year, several major companies have associated layoffs with their adoption of AI technologies. Notable firms such as Cisco, Atlassian, and IBM have cited AI in discussions about workforce reductions. Recently, Wix, a firm renowned for its website development platform, announced significant layoffs attributed to advancements in AI.

Despite this, not all industry figures are convinced that AI is the primary reason for these cuts. Altman has referred to the practice of linking layoffs to AI as “AI washing,” suggesting that many companies may use this narrative as a convenient excuse. Nvidia CEO Jensen Huang has echoed this sentiment, criticising executives who attribute job losses specifically to AI advancements rather than considering broader economic factors.

Concerns have also been raised by Zoho’s founder Sridhar Vembu, who has commented on social media regarding the limited productivity gains from AI. He has pointed out that layoffs are often more closely connected to economic pressures and restructuring efforts than to the direct influence of AI. This perspective challenges the narrative that AI is solely responsible for workforce changes, highlighting the complexity of the current employment landscape.

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