Big tech companies are spending tens of billions of dollars on AI artificial intelligence

while they are firing or laying off tens of thousands of workers.

We need a new system.

We need a new society.

We need to demand that which may have sounded impossible even a few weeks ago, but is not only realizable, but an imperative necessity. Welcome to the Socialist Program. I'm your host, Brian Becker. We're happy to have Professor Richard

Wolf join us again for our regular weekly segment where we talk about the biggest stories related

to the economy. Richard Wolfe is the co-founder of the organization Democracy at Work. He's the author of

many books,

including Understanding Capitalism, which is available at Democracy at Work.Info. Professor Wolf,

welcome back. Thank you very much, Brian. Glad to be here. Well, very glad to have you. This is a big

topic. Obviously, AI is dominating the news,

not simply the news of the financial pages, but even general newspapers. One only need pick

it up. And a lot of people don't really understand artificial intelligence, don't really

understand what it is, what its impact will be on the workforce. There's a

kind of a sense of alarm, which I think is perfectly justified, that under the capitalist

ownership, AI could take a lot of people's jobs, not just in high tech, but in almost every

industry. So we're entering a profound moment

in the evolution of capitalism and perhaps in the evolution of human society. Here's the latest news.

Tech companies are rushing to trade their people, meaning workers, including the highest skilled

workers, for more chips. Some of those

companies might come to regret the exchange. That's the Wall Street Journal. And then they go

through Microsoft and META and the other companies that are laying off tens of thousands of workers significantly reducing their

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