Robots replacing human jobs: Potentially 200,000 cuts on the horizon

Interest in using artificial intelligence for efficiency in the workplace has been growing rapidly in recent years, and technology continues to be released by big-tech leaders to help support a variety of businesses and their specific job functions, but that means there will be far fewer jobs in the future.

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“Banks are making some big investments in technology that could lead to 200,000 job cuts in the next decade,” FOX News Correspondent Cheryl Casone reported on FOX Business’ “Mornings with Maria" on Oct. 2. “Finance firms, reportedly, are spending about $150 billion on technology every year. Robots have already taken over in many call centers and in online chat rooms.”

Recently in Seattle, AI machinery was introduced that has the power to mass-produce pizza.

"Our system can indeed make 300, 12-inch pizzas per hour, and every pizza is custom, every pizza is made with fresh ingredients, and we use the chef's recipe."

- Clayton Wood, Picnic CEO

"We use whatever ingredients the chef wants to make, so we can make it with hand-tossed pizza," Wood told FOX Business' "Bulls & Bears" on Oct. 9. "In fact, the other night, we made it [make] pizza for 500 people with one person in one hour."

When asked if someone needs to keep an eye on the machine to prevent messiness or a jam with regards to different pizza toppings, Wood confidently reported the machine is very reliable.

"Actually the system is quite consistent," Wood said. "That's one of the advantages that we can consistently put the ingredients on the system. You've seen the video is a prototype, and it's getting better all the time, and that's the exact pizza that we've made at the stadium for Seattle Mariners fans this year."

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The Picnic CEO emphasized that the operating costs for operators are reduced in his company in such a competitive food market. He said he is replacing "job openings" as the foodservice industry is experiencing "a labor crisis."