OpenAI CEO Sam Altman Reverses Stance: AI Won't Cause a 'Jobs Apocalypse', Admits He Was 'Pretty Wrong'
Speaking at a Sydney conference, OpenAI CEO Sam Altman walked back his earlier fears, saying AI will not trigger a global jobs crisis, and that he was 'delighted to be wrong' about the pace of job displacement.
A Stark Reversal
OpenAI CEO Sam Altman has made a significant shift in his outlook on artificial intelligence and employment. Speaking virtually at a Commonwealth Bank of Australia (CBA) conference in Sydney on May 26, 2026, Altman admitted that his earlier predictions of a 'jobs apocalypse' were largely unfounded.
He acknowledged that while the technological progress of AI has been roughly in line with expectations, the social and economic implications have not played out as he feared.I'm delighted to be wrong about this, I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than has actually happened.
Altman, who launched ChatGPT in 2022, said he and his team were 'roughly right' on tech forecasts but 'pretty wrong' on the societal fallout. He now sees a more nuanced picture where AI augments rather than annihilates work.
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The Human Element Endures
Despite AI's increasing role in automating tasks, Altman stressed that a human component in many jobs remains irreplaceable. He shared a personal anecdote about using AI to respond to Slack and email messages, only to revert to doing it himself.
The realization that authentic human interaction still matters in professional settings reinforced his belief that a wholesale job wipeout is unlikely.I had it reply to messages, saying 'this is Sam's AI' and it was an amazing example to me of we really do care about people.
Corporate Automation Continues
Even as Altman downplays apocalyptic scenarios, a growing list of major companies—including HSBC, Amazon, Standard Chartered, and the host CBA—have moved to replace certain roles with AI. Standard Chartered recently faced backlash after its CEO referred to workers as 'lower value human capital' while cutting thousands of jobs. Meta also made headlines by laying off around 8,000 workers and reassigning others to AI projects. These developments show that while the total collapse of employment hasn't materialized, AI-driven job displacement is real and ongoing.
IPO on the Horizon
Altman's remarks come as OpenAI reportedly prepares for an initial public offering in the United States. Sources have previously indicated the company could seek a valuation of up to $1 trillion and raise at least $60 billion. The shift in messaging—from doomsayer to cautious optimist—may serve to reassure potential investors about the technology's economic integration. Additionally, Pope Leo XIV's first encyclical, released on the same day, urged governments to slow AI development and protect workers' rights, highlighting the broader ethical debates surrounding the technology's role in society.
