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Stephanie Mehta, CEO and chief content officer of Mansueto Ventures, speaks with Amazon Web Services CEO Matt Garman about leadership, AI, and, of course, the cloud. For those of you who are Modern CEO readers, please check it out in your mailbox every Monday morning.
Category:
E-Commerce
There’s no shortage of stories on how AI is coming for your job. Artificial intelligence is the topic we love to hate, yet people, not to mention the media (guilty as charged), can’t stop talking about it. Yet the question most business leaders have is slightly different. They want to know how the AI revolution will affect their bottom line. A new report from Morgan Stanley looks into thatand here’s what it found. How much will companies save? The short answer, according to Morgan Stanley’s report, is that corporate adoption of AI has the capacity to reshape the future of work, saving businesses nearly $1 trillion a year. The report, “AI Adoption and the Future of Work,” which was viewed by Fast Company, suggests S&P 500 companies could accrue annual net benefits totaling some $920 billion a year. The bank looked at potential future states of AI-driven labor impacts and saw benefits from cost reduction, as well as a productivity lift. A good portion of those savings could come from employing fewer people and from natural attrition as tasks are automated and productivity increases. They also found that adopting AI could translate into some $13 trillion to $16 trillion in long-term market value creation potential for those S&P 500 companies. What’s the fine print? The savings won’t come all at once. Morgan Stanley’s analysis shows there will be some up-front costs at the beginning of the rollout, and also the returns won’t come in for a while, likely years. So, how will this affect my job? According to the bank’s report, 90% of jobs will be impacted by AI automation and augmentation to some extentbut that doesn’t mean all those jobs will become obsolete. Which sectors are most exposed? AI could generate pre-tax savings in many industries. Sectors with the highest returns are consumer staples distribution, retail, real estate management, and development and transportation, which could see more than 100% of expected 2026 pretax profits. Meanwhile, the technology hardware and equipment and semiconductor sectors are not expected to save as much.
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E-Commerce
A nearly complete wind farm off the coast of Rhode Island and Connecticut faces an uncertain future as the states’ Democratic governors, members of Congress, and union workers are calling Monday for the Trump administration to let construction resume. The administration halted construction on the Revolution Wind project last week, saying the federal government needs to review the project and address national security concerns. It did not specify what those concerns are. The Bureau of Ocean Energy Management said Monday it’s not commenting further at this time. The Democratic politicians are getting involved because stopping work on Revolution Wind threatens local jobs and their states’ climate goals, and could drive up electricity prices throughout the region. Officials say the project is 80% complete, with all the underwater foundations and 45 out of 65 turbines already installed. Large, ocean-based wind farms are the linchpin of government plans to shift to renewable energy, particularly in East Coast states with large populations and limited land for wind turbines or solar arrays. President Donald Trump has made sweeping strides to prioritize fossil fuels and hinder renewable energy projects. Those include reviewing wind and solar energy permits, canceling plans to use large areas of federal waters for new offshore wind development and stopping work on another offshore wind project under construction for New York, although construction was later allowed to resume. Rhode Island Governor Dan McKee is headed to North Kingstown, where the logistics and operations hub for the project is located. The governor has said the wind farm is critical to the regions economy and energy future. Connecticut Governor Ned Lamont spoke at State Pier in New London, where components for the Revolution Wind project are kept before being taken out to sea. U.S. Senator Richard Blumenthal of Connecticut said during Monday’s press conference that it was nuts, crazy, insane to halt a fully approved project that would save ratepayers hundreds of millions of dollars. He expects the courts to agree that the Trump administration acted unlawfully when it stopped the project based on secret information. Revolution Wind is expected to be Rhode Island and Connecticuts first large offshore wind farm, capable of powering more than 350,000 homes. Power would be provided at a rate of 9.8 cents per kilowatt hour, locked in for 20 years. That is cheaper than the average cost of electricity in New England. About 1,000 union members have been working on Revolution Wind, and those jobs are now at risk. This isnt work that anybody can do, Keith Brothers, business manager of the Connecticut Laborers District Council, said about the specialized skills the workers on this project have. Weve taken people from the military, weve placed them on jobs on this specific site, thats important. A statement from North Americas Building Trades Unions was more direct: President Donald Trump just fired 1,000 of our members. The developer, Danish energy company Orsted, is evaluating the financial impact of stopping construction and considering legal proceedings. The project site is more than 15 miles (24 kilometers) south of the Rhode Island coast, 32 miles (51 kilometers) southeast of the Connecticut coast and 12 miles (19 kilometers) southwest of Marthas Vineyard. Rhode Island is already home to one offshore wind farm in state waters, the five-turbine Block Island Wind Farm. The Trump administration previously stopped work on Empire Wind, the New York offshore wind project. Interior Secretary Doug Burgum said it appeared former President Joe Bidens administration had rushed through the approvals, although the developer Equinor spent seven years obtaining permits. Construction was allowed to resume in May after two of the state’s Democratic leaders, U.S. Senator Chuck Schumer and Governor Kathy Hochul, intervened. Jennifer McDermott, Associated Press Associated Press writer Isabella OMalley contributed to this report. The Associated Press climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
Category:
E-Commerce
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