GenAI, robotics may allow countries to 'fill void' of immigrant labour: Foxconn's Young Liu
The combination of generative
artificial intelligence
(GenAI) and robotics may allow governments to "fill the void" of immigrant labour, said the chief executive officer (CEO) of Hon Hai Precision Industry (
Foxconn
) on Tuesday.
'Most people want a high-paid job. But no one will be interested in a low-paying job. So the countries are eventually going to outsource such jobs to other low-GDP countries. Eventually, you will hit a limit,' said
Young Liu
, chairman & CEO of Foxconn, at the
Computex 2025
event.
'Another way to solve that problem is to import people from the low-GDP country, similar to what has happened in Europe, the US, Japan, and now in
Taiwan
. But that creates some social problems. So we see a great potential of GenAI and robotics filling the void (of entry-level or immigrant workers),' he added.
Foxconn joins a long list of companies fanning the fears that AI could replace or eliminate entry-level jobs at a wider-than-anticipated scale.
According to the technology sector layoff tracker – Layoffs.fyi – more than 50,000 tech employees have been laid off in 2025 so far, with over half of the jobs slashed across 26 firms in April alone, including Google, Microsoft, Amazon, and others.
According to a survey by the World Economic Forum (WEF), 40% of employers expect to reduce their workforce where AI can automate tasks.
'Technology, overall, is projected to be the most disruptive force in the labour market, with trends in AI and information processing technology expected to create 11 million jobs, while simultaneously displacing 9 million others,' the NGO and think tank said in a recent report.
Meanwhile, consultancy services firm PwC said last year that there is a 27% lower hiring growth in the roles that are more exposed to AI. 'This finding lends credence to the observation that, instead of replacing jobs, AI appears to be ushering in a period of more gradual employment growth in the most exposed sectors,' PwC said.
Though this may ease 'acute worries about job security' among employees, it added.
According to the PwC study, managers will need to focus on upskilling their current workforce for an AI-enabled future. 'This includes creating development opportunities, building trust and boosting transparency on how AI will affect the workplace,' it added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Massive write-off: Nvidia dumps $4.5 billion in chips, leaving Jensen Huang frustrated
Nvidia may be leading the AI revolution, but even the world's top chipmaker isn't immune to the unpredictable fallout of global politics. Last week, as the company reported another strong earnings report, CEO Jensen Huang revealed the sobering news of a $4.5 billion write-off for chips that were supposed to be sent to China and now have nowhere to go, as per a report. Huang said during the earnings call that, 'We are taking a multibillion dollar write off on inventory that cannot be sold or repurposed,' quoted Fortune. The China-Only Chips That Can't Be Used The chips, which have led to the massive loss, known as the H20 chips , were designed by Nvidia specifically for Chinese clients to meet earlier US export restrictions, according to the report. These chips weren't top-of-the-line, but they were still advanced enough for AI development and, also legal to ship under the Biden administration's rules, as per Fortune. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo But things changed after US president Donald Trump took office, as he went a step further in early April and banned exports of even these chips, according to the report. ALSO READ: After losses in FTX, which went bankrupt in 2022, Temasek slashes early-stage startup investments by 88% Live Events Why the Nvidia H20 Chips Can't Just Be Repurposed As the H20 chip was built only for the Chinese market, the chip's design and limited capabilities make it a challenging task to be used by other countries, reported Fortune. A professor of supply chain management at Rutgers Business School, Arash Azadegan said, 'It doesn't really fit anywhere else without a lot of expensive tweaking,' as quoted in the report. While, the tweaking would involve additional costs for the AI chipmaker, as these chips may 'not meet the performance needs of customers in other regions' or may be engineered 'specific to Chinese customer requests or requirements,' according to Chad Autry, a University of Tennessee supply chain professor, reported Fortune. Nvidia Won't Risk Its Reputation Azadegan also highlighted that, 'Nvidia probably doesn't want to flood the market with discounted chips—it could mess with their pricing, confuse customers, and distract from their big push into the newer Blackwell lineup ,' as quoted in the report. FAQs Why did Nvidia have to throw away $4.5 billion in chips? Because new US export rules suddenly banned the chips from being sold to China, their only intended market. Can't they just sell the chips to other countries? No as the chips were custom-made for China and don't meet other countries' needs without costly changes.
Time of India
an hour ago
- Time of India
SETU presents report on empowering urban local bodies to CM; 3 MoUs signed
Dehradun: The State Institute for Empowering and Transforming Uttarakhand (SETU) Commission, which has replaced the Planning Commission in the state, presented an in-depth report aimed at empowering urban local bodies to chief minister Pushkar Singh Dhami on Wednesday. On this occasion, SETU signed three separate Memorandums of Understanding (MoUs) across different sectors to promote overall progress of the Himalayan state. The report focuses on enhancing the financial autonomy and revenue-generating capacity of urban local bodies to make them self-sufficient. It proposes transferring 18 functions listed in the 12th Schedule of the Indian Constitution, such as water supply, public health, and urban planning, to these bodies. Additionally, the report advocates for smart governance, GIS mapping, and data-driven decision-making to drive technological innovation. While handing over the report, SETU vice chairman Raj Shekhar Joshi said, "Suggestions have been made to empower municipal corporations and bodies, improve urban development, and address challenges faced by towns across the state." The report also suggests organising training programs for staff and elected representatives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Porto Feliz: Quanto vale a sua casa? Descubra agora! Valor da casa | Anúncios de pesquisa Saiba Mais Undo The report provides detailed reforms undertaken in states like Maharashtra, Madhya Pradesh, and Odisha. "Suggestions have been made to adapt these successful urban governance models to meet Uttarakhand's specific needs. It emphasises prioritising public opinion in disaster-resistant planning and landslide management," added Joshi. Dhami said that the three agreements signed during the event aim to drive social development, transform the Himalayan state into a hub of digital talent, and introduce modern AI-based personality development courses. He added that the govt is implementing people-centric plans at the grassroots level to make Uttarakhand a leading state across all sectors. "New initiatives involve stakeholders from all sectors and communities for the comprehensive development of the state," he said. In a move toward social and economic progress, SETU Aayog and Tata Trusts signed a landmark 10-year MoU focused on water resource management, nutrition, telemedicine, rural livelihoods, and green energy. This collaboration will leverage Tata Trusts' technical expertise to align with the state's vision for inclusive growth and sustainable development, fostering cooperation among all stakeholders to create a positive impact on Uttarakhand's social sector. The second MoU was signed by SETU, departments of higher and technical education, and National Association of Software and Service Companies (NASSCOM)/IT-ITeS Sector Skills Council. This collaboration aims to build a future-ready workforce by providing skilling opportunities to 1.5 lakh students and faculty across govt colleges, state universities, polytechnics, and engineering colleges. Courses in AI, data science, Python, cybersecurity, and data analytics will be offered through the Future Skills Prime platform, empowering youth with industry-recognised certifications and employment opportunities. The initiative also includes innovations such as skills, passports, digital badges, and model mentor colleges in each district, supported by a state-level steering committee coordinated by SETU. The third MoU was signed by the Skills Development Network (SDN) of Wadhwani Foundation, SETU Aayog, and department of higher education. This initiative aims to equip final-year college students with essential 21st-century employability and entrepreneurial skills across the state.
Time of India
2 hours ago
- Time of India
Dream job no more? AI is coming for Wall Street's entry-level Junior Analyst roles, and experts say it's just the start
Wall Street's entry-level junior analyst jobs are now at risk because of Artificial Intelligence. Big finance firms like Goldman Sachs and Morgan Stanley are considering cutting hiring by up to two-thirds due to AI taking over tasks, as per the reports. These firms didn't respond when asked about it. Junior analysts usually work 80 to 100 hours per week, doing repetitive work like updating charts and valuation tables. Many junior bankers are complaining that even with AI, they still have to do the same boring tasks, as per the Fortune report. According to the Bloomberg report, Recruiter Jeanne Branthover said working as a junior analyst is like being a pledge in a frat, you have to suffer to rise. Still, these jobs are very popular because of the high salary and great career growth. The work mostly involves researching financial data, trends, and risks, but most of the time it's just grunt work. LinkedIn's Aneesh Raman said AI is 'breaking' entry-level jobs that Gen Z wants. He also said the AI impact will soon hit fields like finance, travel, food, and professional services, as per the New York Times reports. Michael Ashley Schulman said AI is already being used in finance to answer risk, financial, and legal questions. Christoph Rabenseifner from Deutsche Bank said, 'You can just replace juniors with an AI tool,' but humans still need to make final decisions. Live Events Schulman also said AI won't completely wipe out these jobs, but fewer people will be needed. Future junior analysts may become data checkers instead of data gatherers, double-checking AI's work and exploring deeper insights. He also said future Wall Street workers will look more like computer science, data, or statistics majors, though creativity and business sense will still be important. Tim Bates, a professor at the University of Michigan and ex-CTO of Lenovo and GM, said AI will not replace jobs fully but will change what those jobs involve. Bates advised students to learn AI tools, data analysis, and client strategy skills to stay useful. He said Wall Street jobs will become harder to get, and students should also look at fintech, consulting, or corporate strategy roles, as stated in the Fortune report. Michelle Enjoli, a career coach and TED speaker, said AI models still have risks, so companies will be careful before replacing humans. She thinks AI will be used more as a support tool, not a full replacement, at least for now. Enjoli said students and workers must stay updated on how AI affects their industry to remain valuable. She called AI an unavoidable disruptor and said people should adjust and learn how to work with it, as per the Fortune report. FAQs Q1. Will AI take all Wall Street analyst jobs? No, AI will reduce some jobs but people are still needed for important decisions. Q2. What should students do if they want a finance job? Learn AI tools, data skills, and keep up with how jobs are changing.
