AI Is Cutting 10,000-Plus U.S. Jobs a Month, Analysts Say

AI is destroying more than 10,000 U.S. jobs per month, according to Pantheon Macroeconomics analysts Samuel Tombs and Oliver Allen. Their tracking of AI-exposed sectors shows a clear split: construction jobs are rising because tech companies are building data centers as fast as they can, while positions in accounting, advertising, office admin and legal services are slowly disappearing.

Goldman Sachs' Joseph Briggs reached a similar conclusion from his own data. "Concerns of imminent AI-related job losses [in the media] have cooled. But recent labor market data show some signs of AI-related hiring headwinds," he told clients. "Under our baseline forecast for a 15% productivity increase from AI, around 9% of workers could be temporarily displaced during the AI transition."

Read that number plainly: roughly one in 11 American workers faces temporary displacement under Goldman's baseline. Fortune's Nick Lichtenberg notes the layoffs are likely waiting for a recession before they hit in full force.

What does this change for investors?

Plenty, if this week's price action is any guide. The S&P 500 lost 1.21% in a single session, and the Nasdaq fell 2.9%. AI cloud provider CoreWeave dropped 10.06% and is now down 22% for the year. Meta fell 6.98% yesterday and shed another 0.33% in overnight trading.

Stocks in Asia and Europe were broadly down in follow-on trading, though Nasdaq futures ticked up 0.28% before the New York open and S&P futures were flat—signs some traders are buying the dip.

"The wobbles of recent weeks all collided at once," Deutsche Bank's Jim Reid said in an email to Fortune. The three culprits: AI, oil, and France.

On the AI front, reports say OpenAI was forced by private equity investors to trim the valuation it wanted in its latest fundraising round from $1.4 trillion to $1.25 trillion. Oil climbed to $114 per barrel after the Financial Times reported that President Trump's envoy to the UN said the U.S. was prepared to fight Iran for at least another year.

France added its own pressure. Yields on French 10-year bonds hit a fresh high of 5.1% before easing back to 5.05%. The rising risk premium signals traders still doubt the French government has a credible plan to resolve its budget crisis. By contrast, the 10-year U.S. Treasury yield fell to 4.9% from a recent peak above 5.3%, suggesting investors once again see American Treasuries as a haven.

Chris Beauchamp, chief market analyst at trading platform IG, urged perspective: "At times like this, it pays to zoom out. It has been a horrible month for tech stocks, but the Nasdaq 100 was at a record high just a few weeks ago … the index is up 20% from a year ago and nearly 30% from March. The Nikkei 225, another one hard-hit this week is up 24% from March and 35% from last year. Those screaming that the bubble is popping need to put these moves in context. It has been a summer and early autumn to forget, but such periods are the price you pay for huge gains. This is digestion, not a crash."

The global scoreboard this morning:

• Stoxx 600: down 0.36% in early trading
• FTSE 100: down 0.56% before lunch
• KOSPI: up 0.30%
• Nikkei 225: down 0.34%
• Nifty 50: down 0.96%
• CSI 300: up 1.71%, still down 15% year to date—firmly in correction territory
• Brent crude: $114 per barrel
• Bitcoin: declined to $81,683

The $20 billion question hanging over CoreWeave

Bank of America's Tal Liani estimates CoreWeave needs $20 billion in additional funding to support the contracts in its "remaining performance obligation" pipeline. BNP Paribas analysts ran the same exercise and landed on a $30 billion shortfall. Either way, the AI infrastructure buildout still needs serious capital to close the gap between signed contracts and funded capacity.

Paris braces for a costly weekend

Saturday brings another massive Paris demonstration over the lack of state education funding, and the planned route hugs the city's luxury shopping corridors. Until a curfew was imposed, the protests had devolved into widespread shoplifting after sundown.

"Those protests seem to be designed to create the greatest retail-level economic disruption in Q4 2026 as they make their way along Paris' luxury shopping routes," Macquarie's Thierry Wizman and Gareth Berry said in a note. "We do believe that France's Q4 GDP growth will be adversely affected by the protests and the risk of deposit flight from France remains very real too."

And the cheapest seats in the house

U2's 2027 tour has an unusual pricing spread: general admission floor tickets—the best views—start at as little as $100 in some venues, while the Ultimate VIP Hospitality package runs $1,150, per Fortune's James LaForge.

"What we do in our band is we take the best seats in the house—we've done this all our life—and make sure that they're often the most affordable," Bono said. "We also have no problem separating rich people from their money. You know, as we say, rich people have feelings, too. If they want to pay very high prices, we've no problem." He conceded many fans will "probably pay too much for it."

For business readers, the through-line is simple: the same AI wave displacing one in 11 workers is now repricing the market's most expensive AI assets—from OpenAI's trimmed $1.25 trillion valuation to CoreWeave's $20 billion funding gap.