ION Founder Says Use of AI Tools Risks Harming Global Economy

ION Group’s founder Andrea Pignataro warned that artificial intelligence’s cost to society will be many times larger than the $2 trillion that was wiped off the value of software firms in recent weeks.

A shrinking professional services industry, for example, could hit demand for everything from office space to business travel and the ecosystem surrounding venture capital, he wrote in a commentary titled The Wrong Apocalypse. His comments come after anxiety about the outlook for software providers roiled markets following the release of new tools from AI startup Anthropic PBC.