People who use AI will replace those who don't: Adobe CEO Shantanu Narayen
Adobe CEO Shantanu Narayen believes AI users will replace non-users, likening it to past shifts with automation and computers. He highlights AI's rapid adoption as disruptive yet full of opportunity. During his India visit, he emphasised Adobe's growth, India's tech evolution, and long-term optimism amid global economic and policy uncertainties.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
People who use AI will replace people who don't use AI, just like people who used automation or computers probably replaced those who didn't, said Adobe Inc chairman and chief executive Shantanu Narayen adding that the speed and accessibility at which the technology shift is happening this time is making it seem more disruptive.The 62-year-old, who has been steering the $21.5 billion software giant for almost two decades, spoke with ET during a recent India visit and said that India is seeing dramatic growth with a significant shift in how people are consuming the technology and software. Edited Excerpts.Firstly, companies like Adobe, we have the wherewithal, the brand, the capability... So in economic downturns, stronger companies actually should get stronger. Second thing we say at Adobe is, we plan for the upside and we'll react to the downside. I would say because we've had this massively successful economic run, the sentiment is probably a little bit more negative, as a result of all these things. But you know, if you think about it as building a company for the long run, it's another blip on the way to long term growth.I'm still a big believer in the Indian and the American economy. As long as the Indian economy and the American economy do well, it's good for both countries. The relentless move towards allowing for free trade, whatever that free may mean between countries, is the way it's going to go. It's true that Post-Covid, people have all said supply chains also need to be closer to home, maybe for security reasons for other reasons. But I like to focus on the things that I can control, which is building great software and serving customers.I always tell the story of my graduating class, 65% went to the US. My brother, who's older than me, 90% of his graduating class went to the US. And now I think the new generation, 5% go to the US. This is phenomenal for India, because people are finding incredible ways to grow their career and contribute to India. A lot of this work can be done remotely. It's a sign of the changing times. And we're not one of those companies, unlike the systems integrators or outsourcers who have this big issue with visas or immigration.People who use AI will replace people who don't use AI, just like people who used automation or computers probably replaced those who didn't. So, that is my fundamental belief. People will be required to create different forms of skill to differentiate their craft. I think what's different this time is the speed at which it's happening and the accessibility at which it's happening. People are going to see this as more disruptive, but I think it's a job of companies like Adobe to view this as an opportunity and leverage it rather than fight it.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
43 minutes ago
- Time of India
API prices fall sharply, easing pressure on India's pharmaceutical industry
India's pharmaceutical industry is experiencing relief as active pharmaceutical ingredient (API) prices plummet due to overcapacity and aggressive pricing strategies from Chinese suppliers. Increased domestic API production, driven by government incentives and reduced raw material costs, further contribute to the decline. This trend is expected to continue, boosting profit margins for Indian pharma companies. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Prices of active pharmaceutical ingredients (API) used for manufacturing drugs are seeing a significant drop, bringing relief to India's pharmaceutical pharma industry depends largely on China for sourcing APIs, intermediates and bulk drugs. API prices had shot up during the Covid period and stayed elevated until last year. The situation has now started to change, reducing raw material cost and boosting profit margins for pharma instance, the price of paracetamol API has dropped from ₹900 per kg during the pandemic and ₹600 immediately after to ₹250 now, market sources told ET. The API for antibiotic meropenem has become cheaper at ₹45,000 per kg compared with ₹75,000."Prices of APIs have gone down significantly. It's largely due to over-capacity. We are seeing a huge impact on the prices of antibiotics, steroids, hormones, statins, among others," said Mehul Shah, who tracks the Chinese pharmaceutical expects this trend to continue through this industry expert said the prices have come down because of the aggressive strategy of Chinese suppliers to maintain market dominance. "This aggressive pricing has made Chinese APIs more attractive to Indian pharmaceutical companies, leading to increased imports when prices are low," he said on the condition of anonymity. Dinesh Dua , former chairman of the Pharmaceutical Export Promotion Council, said there were several factors that led to the price decline."While China scaled up significantly after Covid-19, the demand for APIs has gone down too as India has taken steps to become self-reliant," he said. "India's government has implemented the production-linked incentive scheme to boost domestic API production. As a result, companies like Aurobindo Pharma and Torrent Pharmaceuticals have initiated local production of APIs such as penicillin-G. This increased domestic output has contributed to a surplus in supply, exerting downward pressure on prices."Dua said a decline in the prices of raw materials, such as acetic acid and para-aminophenol, essential for API production, has also contributed to lower costs. "Additionally, easing geopolitical tensions and improved logistics have reduced freight charges, further decreasing the overall cost of API," he to industry experts, a gradual return of demand to pre-pandemic levels has also contributed to this situation.
Indian Express
an hour ago
- Indian Express
Rapid uptake of crypto in developing economies raises concerns, says IMF's Gita Gopinath: Here's why
The International Monetary Fund's (IMF) first deputy managing director Gita Gopinath on Thursday flagged concerns about the rise of crypto uptake in developing economies saying that though nascent, it poses a risk in terms of currency substitution. In an interview with the Financial Times, Gopinath said 'we are seeing some pretty rapid growth of uptake of crypto in some emerging markets.' Emerging markets faced risks from crypto uptake, especially stablecoins, in terms of 'disintermediation of their financial institutions,' she said. 'In terms of currency substitution, those risks are rising,' Gopinath added. Gopinath's comments came against the backdrop of US President Donald Trump's push for a strategic crypto reserve and backing to the issuance of stablecoins to make America the 'crypto capital of the world'. In the Indian subcontinent, Pakistan has recently struck a deal with US-based World Liberty Financial Inc (WLFI) a firm backed by the Trump family, for that country to emerge as a crypto hub while promoting the use of blockchain technology and the use of stablecoins for payments and remittances. Amid a spate of activity in the crypto space, experts echo Gopinath's warning that cryptocurrencies may pose a risk to the currencies and financial institutions of developing and emerging economies. Stablecoins are cryptocurrencies whose value is pegged to an asset such as a currency or commodity such as gold. Cryptocurrencies such as Bitcoin have rallied since Donald Trump took over as US President owing to the reversal of his earlier skeptical stance on digital coins. He appointed David Sacks as the White House crypto czar while also naming crypto backer Paul S Atkins as the Securities and Exchange Commission (SEC) chair. Flagship cryptocurrency Bitcoin's price stood at $104,512.82 apiece, down 0.07 per cent, at 7:30 pm on Thursday. Last month, Bitcoin breached the $110,00 mark for the first time after the passage of the GENIUS Act Bill in the US Senate owing to bipartisan support. If passed the GENIUS Act is also expected to allow crypto companies to produce more stablecoins. Issuers must be in compliance with anti-money laundering provisions and anti-terrorism regulations, according to the Bill's fine print. Further, stablecoins issuers must back the digital currency with fiat currency or highly liquid assets in a 1:1 ratio. They must also maintain separate reserves to backstop the stablecoins, according to the GENIUS Act Bill. Democratic Senator Mark R Wright, who backed the bill, stated that while there were concerns about the Trump family's involvement in cryptocurrencies to 'evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans… blockchain technology is here to stay.' He said it was in America's interest to take the lead on shaping crypto policies. Democratic Senator Elizabeth Warren warned that the GENIUS Act Bill did not meet the minimum standards such as guaranteeing consumer protection and preventing the illicit use of stablecoins. Passage of the GENIUS Act may pose a risk since the illicit use of stablecoins already make up 60 per cent of unlawful crypto transactions. If passed, the GENIUS Act is expected to boost the stablecoin market's growth by 10X to $2 trillion, Warren said citing industry estimates. Developing countries and their dalliance with cryptocurrencies Pakistan recently announced a collaboration between the Pakistan Crypto Council and the WLFI, which envisages the use of blockchain technology to promote financial inclusion. It also aims to monetise national assets such as rare earths besides using stablecoins in trade and remittance. Pakistan eyes the status of a regional crypto hub as a result of this agreement. Experts warn of the inherent instability of the crypto asset system. To elaborate on Gopinath's warning, a paper titled 'Crypto assets as a threat to financial market stability' states that currencies of emerging and developing economies may lose their importance as store of value owing to higher inflation rates, leading to a rising degree of substitution of the domestic currency by a foreign currency. According to an UNCTAD study, this may result in the 'cryptoisation' of emerging and developing economy currencies relative to their GDP and backed by factors such as a younger population as well as macroeconomic stability. In Central America, El Salvador, which approved Bitcoin as official tender in 2021, the cryptocurrency has seldom found use as a means for buying goods and services. Stablecoins may also pose a risk similar to that seen during a bank run — when depositors and investors rush to cash their assets after a bank is unable to honour its financial commitments owing to a shortage of assets. According to the paper cited above, the linkage of stablecoins to a currency creates arbitrage opportunities leading to speculation. Former US Treasury Secretary Janet Yellen during a US Congressional hearing said fears of inadequate asset backing for stablecoins may also lead to a sell off triggering a situation similar to a bank run. In March this year, Trump announced the creation of a strategic crypto reserve — a basket comprising Bitcoin, Ethereum, XRP, Solana and Cardano. While flagging 'corrupt attacks (on cryptocurrencies) by the Biden administration' Trump in a Truth Social post said the US Crypto Reserve, part of his executive order on digital assets will 'elevate this critical industry'. 'I will make sure the US is the Crypto Capital of the World,' Trump said. Under Trump, the US has dropped probes and legal lawsuits related to alleged securities violations against cryptocurrency firms and exchanges. The US government holds an estimated 200,000 Bitcoin pending an audit, according to a fact sheet shared by the White House. To be sure, the US crypto reserve will only store digital tokens obtained through forfeiture proceedings — it will not purchase additional reserves at the cost of the American taxpayer's money, according to the White House fact sheet.
Time of India
an hour ago
- Time of India
'Ukraine, Russia should fight for a while': US President Trump compares war to kids fighting, says sanctions still on table
Donald Trump President Donald Trump on Thursday said it might be better to 'let them fight for a while' when asked about Russia's invasion of Ukraine, drawing a striking analogy between the war and a playground brawl as he hosted newly elected German Chancellor Friedrich Merz at the White House. 'Sometimes you're better off letting them fight for a while and then pulling them apart,' Trump said during an Oval Office meeting, adding that he had relayed the same sentiment to Russian President Vladimir Putin in a call the day before. Merz, sitting beside him, said he agreed with Trump that the war was 'terrible,' but emphasized Germany's full support for Ukraine and its efforts to avoid civilian harm. 'We are on Ukraine's side,' Merz said. 'We are trying to get them stronger.' The visit marked the first in-person meeting between the two leaders, though they've spoken multiple times since Merz took office on May 6. Merz, a business-friendly conservative and longtime critic of Trump's predecessor Angela Merkel, presented Trump with a gold-framed birth certificate of his grandfather Friedrich Trump, who emigrated from Germany. Behind the symbolism lay major policy disagreements. Trump is pressing NATO allies to boost defense spending to 5% of GDP, a leap from the 2% minimum previously agreed. Merz, for his part, has endorsed 3.5% by 2032, plus additional spending on infrastructure. A White House official said trade, defense, and what the administration calls 'democratic backsliding' in Germany were also on the agenda. Trump's administration has criticized Berlin for perceived erosion of free speech protections and its reluctance to engage with the far-right Alternative for Germany (AfD), now the country's main opposition party. Merz defended Germany's internal politics, saying he was open to discussing domestic matters with Trump, but noted, 'We hold back when it comes to American domestic politics.' On Ukraine, Merz rejected the idea of a 'dictated peace,' called for more sanctions against Russia, and vowed to keep supporting Kyiv militarily — including helping it develop long-range missiles. Under his predecessor, Olaf Scholz, Germany became the second-largest supplier of weapons to Ukraine after the US. Trump left open the possibility of sanctions on both Russia and Ukraine. 'When I see the moment where it's not going to stop … we'll be very, very tough,' he said. Trade tensions also loomed large. Germany exported $160 billion in goods to the US last year, versus $75 billion in U.S. exports to Germany, a deficit Trump wants to erase. The president's 25% tariff on autos is aimed at pressuring German automakers like BMW and Mercedes-Benz, though many already have US plants. Merz warned that tariffs 'benefit no one,' but trade decisions will ultimately rest with the EU. Trump recently paused a 50% tariff hike on EU goods set to take effect this month. Despite the friction, both leaders projected cautious optimism about cooperation. As Trump put it: 'We'll see.'
