Massive Corporate Collapse Coming? Cisco Ex-CEO Issues Grim Warning For Global Giants
Drawing parallels to the internet boom of the late 1990s, he noted that the scale and speed of AI-driven change will be far greater.
As global debates around artificial intelligence (AI) intensify, former Cisco Systems CEO John Chambers has issued a stark warning about the technology’s disruptive potential. Chambers predicts that in the coming years, AI will not only eliminate millions of jobs but also lead to the collapse of half of the world’s largest corporations and their senior leadership.
'50% Of Fortune 500 Firms Will Disappear'
In a recent interview, Chambers said, “You'll soon see 50 per cent of the Fortune 500 companies and 50 per cent of their top executives disappear.” Drawing parallels to the internet boom of the late 1990s, he noted that the scale and speed of AI-driven change will be far greater.
Chambers, who led Cisco through the internet’s rise and the subsequent market downturn, believes the current transformation is unfolding much faster. “AI is moving five times faster than that era, and its consequences will be three times greater,” he said.
Surviving In The AI Era
According to Chambers, every organisation now faces a defining challenge, which is either to adapt or perish. The rapid advancement of AI has triggered a fierce race among businesses to maintain competitiveness.
“Yes, there will be disasters for those who fail to turn technology into a competitive advantage,” he cautioned. Companies that cannot learn, innovate, and evolve quickly enough will, he warned, “gradually disappear from the market.”
AI Advancing Faster Than The Internet
Chambers also raised concerns about AI’s impact on employment. “If I'm right and AI is growing five times faster than the internet, we will eliminate jobs faster than we can create new ones,” he said.
He added that this rapid technological shift will usher in a challenging transition period. “There will be a period of scarcity when we will need to reskill millions of people,” Chambers warned, emphasising that retraining the workforce will take time as industries adjust to automation and AI-led innovation.
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