Schulman Urges CEOs to Admit AI Job Cuts as BTC Dips 1.6%

Verizon executive Dan Schulman urged CEOs to admit AI job cuts openly. He spoke on October 10, 2024. Bitcoin fell 1.6% to $74,363 USD that day. Ethereum dropped 2.4% to $2,274.95 USD.

Pymnts.com reports his call for transparency on AI impacts.

Why Schulman Demands Honesty from CEOs on AI Job Cuts

Dan Schulman served as Verizon CEO until 2023. He now advises on fintech and telecom. Verizon uses AI to optimize 5G networks and improve gadgets like smartwatches.

Schulman says CEOs hide AI job cuts by calling them restructuring. Honesty builds trust. Workers and investors need clear facts.

AI chatbots handle routine tasks in gadget assembly lines. Pymnts.com surveyed 2,000 executives. It found 70% expect AI job cuts.

Gadget giants like Apple and Samsung add AI chips to iPhones and Galaxy devices. Apple launched AI features in iOS 18. Sales rose. Samsung added Galaxy AI. Leaders must explain job shifts.

AI Job Cuts Transform Gadget Manufacturing

Tech firms speed up AI use in gadgets. Verizon applies AI for predictive maintenance on devices. This cuts downtime. It eliminates manual testing roles.

Layoffs hit quality assurance for smartwatches and IoT sensors. AI automates circuit design and prototype testing. Workers now supervise AI systems.

Factories produce more wearables at lower costs. AI reduces production errors by 30%, per industry reports. Savings boost earnings per share (EPS). EPS divides profit by outstanding shares.

Verizon's stock rose 2% after AI news. Investor confidence grew market capitalization, or total share value.

Crypto Markets React to AI Job Fears

Investors show caution on AI job news. Bitcoin dropped 1.6% to $74,363 USD on October 10, 2024, per CoinMarketCap. Ethereum fell 2.4% to $2,274.95 USD.

XRP declined 1.7% to $1.41 USD. BNB slipped 0.4% to $619.91 USD. USDT stayed at $1.00 USD.

• Asset: BTC · Price (USD): 74,363.00 · 24h Change: -1.6% · Source: CoinMarketCap
• Asset: ETH · Price (USD): 2,274.95 · 24h Change: -2.4% · Source: CoinMarketCap
• Asset: USDT · Price (USD): 1.00 · 24h Change: +0.0% · Source: CoinMarketCap
• Asset: XRP · Price (USD): 1.41 · 24h Change: -1.7% · Source: CoinMarketCap
• Asset: BNB · Price (USD): 619.91 · 24h Change: -0.4% · Source: CoinMarketCap

The Crypto Fear & Greed Index hit 29, per Alternative.me. Scores range from 0 (extreme fear) to 100 (extreme greed). Traders tie dips to layoff recession fears.

Financial Gains and Worker Challenges from AI

AI lowers operating costs. Verizon saved $1 billion USD in 2023 through AI, per company filings. Profit margins rose. Margins subtract costs from revenue as a percentage.

Gadget maker Foxconn uses AI robots for iPhones. Output grew 15% with fewer staff. Stocks climbed on strong earnings.

Workers lose entry-level assembly jobs. Reskilling trains them for AI oversight. Verizon invests $100 million USD in programs.

Reuters links Microsoft AI spending to 10,000 job cuts in January 2024. Gadget suppliers see similar trends.

Verizon's Transparent AI Push in Gadgets

Verizon adds AI to 5G phones and home devices. AI cameras spot faults. Sensors predict failures. Manual jobs decline.

The firm shares plans openly. Schulman praises this approach. It supports reskilling. Finance teams forecast 20% cost cuts by 2025.

Outlook: CEOs Face Pressure on AI Jobs

Bitcoin tests $74,000 USD support. A drop could hit $70,000 USD. Earnings season nears.

Gadget sales stay strong. AI drives upgrades. iPhone 16 preorders jumped 20%, per analysts.

Schulman calls for action. CEOs should admit AI job cuts and fund reskilling. Markets reward honesty. Watch Q4 reports.