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While speaking at the World Economic Forum in Davos, Switzerland, on January 21, Jamie Dimon, chairman and CEO of JPMorgan Chase, said AI could bring about “civil unrest” by destroying jobs, and that businesses and governments need to step in to help. He made the comments in response to a question about whether AI will lead to fewer jobs over the next several years. Dimon said he believes the impact won’t be as catastrophic to the labor market as some are predicting, but he also didn’t deny some inevitable upheaval. “Don’t put your head in the sand,” he urged. “It is what it is. We’re gonna deploy it.” He continued, “Will it eliminate jobs? Yes. Will it change jobs? Yes. Will it add some jobs? Probably. . . . However, it may go too fast for society, and if it goes too fast for society thats where governments and businesses [need to] in a collaborative way step in together and come up with a way to retrain people and move it over time. Dimon pitched the idea that local governments and businesses are going to need to provide support to workers in the form of income assistance programs, relocation assistance, and retraining to avoid mass unemployment. “We’re not gonna kill all of our employees because of AI,” he said. “We’re just not.” The CEO also said that phasing in the technology slowly is the best approach in order to give people time to adjust and for businesses to come up with solutions, even if that means additional government regulation. He cautioned that companies should not conduct mass layoffs all at once: Youll have civil unrest. You want the government to tell you you cant lay off a whole bunch of people at JPMorgan? moderator Zanny Minton Beddoes, editor-in-chief of The Economist, asked. Wed agree, Dimon replied. If we have to do that to save society. He caveated this should be done at a local levelfor example, governments providing incentives for retraining employees or giving them assistance. In the past, Dimon hasn’t been shy about criticizing the government for too much regulation or what he deems the wrong regulation. In fact, he opposes other precautionary measures like capping credit card interest at 10%. Last year, he called the government “inefficient” and “not very competent” and said he hoped the Department of Government Efficiency would be “quite successful.” Regardless of the worries that Dimon expressed about the pace of AI, job losses, and the potential for the technology to “do something terrible,” he seemed ready to accept his own company’s fatewhatever it may be. When asked if JPMorgan will have fewer employees over the next five years, he predicted that it would. Still, not everyone agreed with Dimon’s statements on AI’s impact on jobs. Jensen Huang, chief executive of Nvidia, said that labor shortages are the issue we should be more concerned with, arguing that AI is actually creating more roles than it is stealing. “This is the largest infrastructure build-out in human history,” Huang said. “That’s gonna create a lot of jobs.”
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E-Commerce
For all the talk of how artificial intelligence will revolutionize the way we live and work, there are few industries where generative AI has already had a profound impact. Across the education space, however, from K-12 schools to universities, AI has been widely adopted by students and teachers alike. Educators are using AI to create lesson plans and save time on administrative work and even grading. And students now regularly use AI chatbots in the classroom and for help with assignmentsto varying results. The rapid clip of AI adoption has raised fraught questions about academic integrity and responsible use of the technology, among both teachers and students. But colleges and universities are also grappling with how to meet the moment and equip a new generation of students with the AI skills they will inevitably need as the workplace transforms. In a panel discussion this weekwhich aired as part of an Education for Impact webinar presented by Inc., Fast Company, and Texas A&M Universitya group of education innovators shared how their companies are partnering with higher education institutions to do exactly that. Laura Ipsen, the president and CEO of education tech company Ellucian, talked about how an AI-powered solution called Ellucian Journey enables continuous learning by pairing skills with actual career paths and workforce gaps. It [has] got to almost be real-time and predictive, Ipsen said during the panel. What are the skills that . . . are going to match the global market of today? Because it’s evolving very quickly. We’ve got to leverage the power of AI to build those solutions and capabilities across all of education technology to enable that. These are the types of things that are going to put a great spotlight on higher educationthat they are transformational [and] moving with speed. Online learning platforms like edX and its parent company 2U have made it possible for workers to upskill and reskill at different points in their careers, through certifications and courses from top higher education institutions. What we are trying to do, working with our partner institutions, is make sure that people have the right skills at the right time, said Anant Agrawal, the chief academic officer of 2U and founder and former CEO of edX. If you are 35 and you have a couple of kids, the odds that you’re going to be able to go back to university and get a new degree are zero. So really, your only choice is to do something online, and you don’t have the time or patience to spend two years or four years learning something new. As lifelong learning becomes the norm, colleges and universities can play a crucial role in reaching people long after they have left the education system. EdX is now offering courses on generative AIincluding one taught by generative AI, Agrawal saidthat are tailored to workers and leaders who need to get up to speed on the technology. A partnership with Microsoft called CxO Edge caters to executives who want to run their business by harnessing AI. Employers are having their employees take courses on our platform . . . like AI for finance or AI for marketing, or more foundational subjects like core AI, Agrawal said. We’re just seeing a huge, huge embrace of AI courses and content by employers. Some higher education institutions have been reluctant to adopt or invest in AI, to which Ipsen argues: You have got to jump into the sandbox and play with it, because this is going to happen. It’s going to happen with you or without you. Many colleges and universities are facing existential questions about their value in a world that is being reshaped by AI, especially as tuition costs continue to rise and new graduates struggle to find employment. Lee Weiss, the chief commercial officer of higher education at Kaplan, believes thats an opportunity for colleges and universities to step up. We’re at a point right now where there’s more disagreement on whether higher ed is relevant, Weiss said during the panel. Universities have a really important role here to make sure that the degrees [and certifications] that students are getting are relevant for a fast-changing world. Making sure that students are getting the AI skills that they need to be competent and confident is really, really important.
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E-Commerce
Capital One is buying Brex in a $5.15 billion stock-and-cash deal that underscores how traditional banks are turning to fintech startups to modernize the way businesses manage money. The acquisition, announced Thursday, would bring Brex, the San Franciscobased corporate card and expense management company, into the fold of one of the largest U.S. financial institutions. The transaction is expected to close in mid-2026, pending regulatory approval and customary conditions. Brex CEO and cofounder Pedro Franceschi will continue to lead the company as part of Capital One. At first glance, the deal looks like a straightforward expansion into corporate cards. In reality, it is about software, automation, and how artificial intelligence is beginning to reshape financial operations inside companies. Brex built its reputation by offering startups corporate cards without personal guarantees and pairing them with tools that made expense tracking and approvals easier. Over time, the company evolved into a broader platform that combines payments, spend management, and banking services in a single interface used by more than 25,000 companies, including DoorDash, Robinhood, Zoom, and Plaid. In recent years, Brex has increasingly described itself as an AI-native finance platform, highlighting tools that automate expense review, enforce spending policies, and reduce the manual work typically handled by finance teams. That positioning appears to be central to Capital Ones interest. Why a bank is buying a fintech now For more than a decade, large banks have tried to compete with fintech startups by building their own digital tools. Many of those efforts have struggled to match the user experience and speed of companies designed from the ground up as software platforms. Capital One, which has long positioned itself as one of the most technology-forward U.S. banks and was the first major bank to migrate fully to the public cloud, still faces the same challenge as its peers in the commercial banking space. Corporate banking portals and expense tools often feel dated when compared with modern fintech products. Buying Brex gives Capital One a ready-made software layer designed around how companies actually manage spending, rather than how banks traditionally process transactions. Acquiring Brex accelerates this journey, especially in the business payments marketplace, Capital One CEO Richard Fairbank said in a statement announcing the deal. The broader fintech backdrop The acquisition comes at a moment when the fintech sector looks very different from its peak in the late 2010s and early 2020s. Brex was founded in 2017 and quickly became one of Silicon Valleys most prominent fintech startups, riding a wave of investor enthusiasm for companies that blended software with financial services. Its valuation soared as startups flocked to its corporate card and expense tools. But as venture funding slowed and interest rates rose, many fintech companies faced tougher conditions. Growth expectations were reset, and IPO plans were delayed across the sector. Strategic acquisitions by large banks have increasingly become an alternative path forward. For banks, these deals offer a way to acquire modern technology and talent without building from scratch. For fintech companies, they offer access to large balance sheets, regulatory infrastructure, and a broader customer base. A bet on automation inside companies The deal also reflects a growing focus on how artificial intelligence can change the back-office work of running a business. Brex has promoted its use of AI agents to automate expense reviews, flag policy violations, and handle tasks that once required manual oversight by finance teams. Rather than simply tracking spending after the fact, the platform aims to guide and control spending in real time. Capital One appears to see this as a key part of the future of business payments. As companies look to reduce costs and operate more efficiently, tools that cut down on administrative work have become more appealing. By combining Brexs software with Capital Ones underwriting, payments network, and deposit base, the bank is positioning itself to offer a more integrated system for how businesses issue cards, manage expenses, and move money. What happens to Brex Brex is expected to continue operating under its own leadership after the acquisition, with Franceschi remaining at the helm. That suggests Capital One is aiming to preserve the companys product approach and culture rather than fold it into a traditional banking unit. For Brex, the deal provides scale that is difficult for a stand-alone fintech to achieve. Access to Capital Ones infrastructure and resources could allow it to expand beyond the startup and tech companies that formed its early customer base and into a broader range of U.S. businesses. A sign of where business finance is heading The acquisition points to a larger shift in how financial services for businesses are evolving. Corporate cards are no longer just a line of credit. They are part of software systems that manage budgets, approvals, and compliance automatically. For Capital One, buying Brex is a way to accelerate its move into that model. For Brex, it is a chance to bring its platform to a wider audience under the umbrella of a major bank. For the fintech industry, the deal is another indication that the next phase of growth may come less from stand-alone startups and more from partnerships and acquisitions with established financial institutions.
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E-Commerce
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