A hypothetical AI doomsday scenario memo from Citrini Research, titled "The 2028 Global Intelligence Crisis," went viral after being amplified by investor Michael Burry, causing billions in market value destruction, particularly in software stocks.
The memo outlines a fictional future where AI agents render millions of white-collar workers obsolete, leading to a severe economic downturn with 10.2% unemployment and a 38% market crash by June 2028. The report, initially intended as a stress test, spooked markets already anxious about AI's rapid advancement.
Several tech companies, including Zscaler and Asana, saw significant drops. The Federal Reserve has also acknowledged concerns about AI potentially raising structural unemployment beyond the Fed's control.
While some analysts dismiss the report as "doom porn" and argue for AI's productivity benefits, others, like CMC Markets, see AI forcing significant shifts in the tech supply chain. Nvidia's upcoming earnings are seen as a key indicator for the AI narrative.
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