为什么我们认为人工智能对工作的重塑作用大于其对整体就业的减少作用

than it reduces overall payrolls opportunities,andgrowththemesinglobalmarkets. GlobalAl Research MarketingThomas (T.J.) ThorntonHead of Research Marketing . As Al absorbs routine tasks, workers shift to higher-value roles, raising productivityrather than merely cutting jobs.We discuss parallels to past tech cycles and how new jobs will get created partlybecause Al can boost overall output.BOfASECURITIES BofAS+1 646 855 2449thomas.thornton2@bofa.comAsia EconomicsBenson Wu, CFAChina & Korea Economist Merrill Lynch (Hong Kong)Australia EconomicsNickStenner,CFAAustralia &NZ Economist than it reduces overall payrolls Merrill Lynch (Australia) Though about one-quarter of global jobs are exposed to Al, the Economics team doesn't share the view that Al will usher in mass unemployment. Benson Wu and Nick Stennerdiscuss their recent report on the topic, part of the Economics team's larger series on Alimpact. They discuss several examples of past tech disruptions, many of which wound upfavorablefor job prospects when initial predictions were for a much less constructiveoutcome. Benson and Nick discuss youth unemployment, which is often cited as evidence ofAl job destruction but they offer a different take and point out what's been improvement inthat metric over the last several months. We share our views on the economies bestpositioned to benefit from the Al transition, and our take on whether benefits from Al mayaccrue moreto capital than labor.Global Research Unlocked can befound on publicpodcastplatforms, including Spotify, Apple Podcasts, YouTube Music and Amazon Music. Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experience in relevant markets and the financialBofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreportasonlya singlefactorinmakingtheirinvestment decision.Refer to important disclosures on page 7 to 9.12973768 Full Podcast TranscriptT.J.Thornton,Head of Research Marketing:Hello and welcome to Global Research Unlocked, where we discuss what's rising from growth industries to rising risks andopportunities in global markets. I'm TJ Thornton, Head of Product Marketing at BofAGlobal Research, and we're recording this episode on Wednesday, May 6th, 2026.In the US it is also true that the unemployment rates, among the 20 to 24 year old has been rising, roughly a decade highest, in the second half of last year. But the recent easingsuggesting that the pressures on that cohort may have also peaked. So, if I will say that amore accurate interpretation is that, Al is interacting with the demographics, with weakerhigher environment, as well as changing value of the entry-level tasks. -Benson WuIt's perhaps a fairly obvious conclusion that Al is likely to displace a significant amount of jobs, thus leaving a lot of people out of work. But the obvious conclusion is often thewrong one, and so many times in history, from technology revolutions to pandemics, thedire prognostications have been incorrect. BofA Global Research's global economicsteam's view on this topic is somewhat more encouraging. As part of their Al series, theteam recently published a note on implications for labor from Al and today, we'll talk tothe authors of that piece. We're joined by Benson Wu, part of the Asia Economics teamand the Head of Korea Economic Research, and Nick Stenner, Head of EconomicResearch for Australia and New Zealand. Thank you both for joining us today. T.J. Thornton: So, in the note, you make the point that the apocalyptic views on jobdestruction from Al are unlikely to materialize. So is the view that we'll see many jobsdestroyed, but that new jobs will take their place? Benson Wu: Thanks, TJ for the question. I would frame it slightly differently. Our view isnot simply that Al will destroy many of the jobs and then new job will mechanicallyreplace them. The more precise point is that Al is likely to destroy or transform thetasks, rather than eliminate the entire occupation at scale. So, most jobs are bundle ofthe tasks. Some tasks are routine, codifiable, and information-heavy, and those areclearly exposed to Al, but many jobs also involve judgments, accountability, clientinteraction, coordination, creativity,or contextual understanding.Such human elementsjobs may survive, but the task mix will change quite meaningfully. We have cited thenumber calculated by the ILO, the International Labor Organization, of which about 1quarter of the jobs globally are exposed to generate Al. But exposure does not meandisappearance. It means Al can enter the workflow. In fact, our report showing that theshare of job with augmentation potential is about 13%, and that is significantly largerthan the share of high autom