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<ul class="summary-list"><li>A grocery magnate turned robotics leader has had $9 billion wiped off his net worth this year.</li><li>Rick Cohen ranks among the biggest wealth losers after a 41% drop in his personal fortune.</li></ul>A grocery tycoon turned robotics guru has had $9 billion wiped off his net worth after shares of his AI-powered company crashed, making him one of the world's biggest wealth losers this year.Rick Cohen, 72, is the owner and executive chairman of C&amp;S Wholesale Grocers, a food distributor founded by his grandfather. He's turned the family business into the eighth most-valuable private company in America with an estimated value of $35 billion, per Forbes.Cohen is also the founder and CEO of Symbotic, which makes AI-enabled warehouse robots for customers including <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-sam-walmart-stock-billionaires-estate-planning-inheritance-wealth-2024-8">Walmart</a>, and went public via special-purpose acquisition vehicle in the summer of 2022.He was worth $21.4 billion at the start of January. That would put Cohen in 94th spot on the Bloomberg Billionaires Index all else being equal.However, his wealth has plunged by 41% to $12.6 billion this year, pushing him down to 178th place. Only six people on Bloomberg's 500-strong list have suffered bigger hits to their wealth this year, and none rank lower than 77th on the index.They include the world's third-richest person, LVMH CEO <a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a> (down $10.5 billion), L'Oréal heiress <a target="_blank" class="" href="https://www.businessinsider.com/meet-richest-woman-world-francoise-bettencourt-meyers-loreal-2023-9">Françoise Bettencourt Meyers</a> (down $9.2 billion), and Arnault's archrival, Kering founder <a target="_blank" class="" href="https://www.businessinsider.com/francois-henri-pinault-bio-salma-hayek-kering-gucci-balenciaga-2023-3">François Pinault</a> (down $10.4 billion).It's striking that Cohen has seen a steeper wealth drop than all but a handful of the uber-rich, three of whom are in the top 20 and all of whom have far more money to spare.Cohen's wealth has tanked because the value of his family's roughly 70% stake in Symbotic has plummeted. The stock more than quadrupled last year, from about $12 to more than $50, on the back of the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-hardware-vs-softare-tech-performace-nvidia-tsmc-broadcom-2024-6">artificial-intelligence boom</a>, and buzz over a contract to implement its robotics and software automation platform across all 42 of Walmart's regional distribution centers.Symbotic shares have crashed by more than 60% this year to below $20 at Friday's close, slashing the company's value to below $10 billion. The latest quarterly earnings revealed construction delays and implementation costs had squeezed profit margins, and spurred Cohen and his team to warn that fixing the issues might temporarily slow revenue growth.Symbotic is also facing a class-action lawsuit claiming it misled the market about its near-term growth prospects and downplayed the risks it faced.The clouded outlook likely explains why Symbotic is trading at a 17-month low, and why Cohen has suffered an extraordinary wealth wipeout this year.Symbotic and Cohen didn't immediately respond to requests for comment from Business Insider made outside normal working hours.

A grocery tycoon turned Walmart robotics supplier is one of this year's biggest wealth losers after $9 billion wipeout

<ul class="summary-list"><li>Ark Invest's flagship ETF is sitting on massive losses, with individual holdings down as much as 93%.</li><li>The fund has significantly underperformed the broader stock market, and only one of its top 10 holdings is in the green.</li></ul>It's been <a href="https://markets.businessinsider.com/news/funds/cathie-wood-ark-invest-wealth-destroyed-tech-stocks-morningstar-arkk-2024-2">a tough stretch for Cathie Wood and her suite of ARK Invest ETFs.</a>Ark Invest's <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">flagship innovation ETF,</a> which trades under the ticker symbol "ARKK," <a href="https://markets.businessinsider.com/news/funds/cathie-wood-ark-invest-wealth-destroyed-tech-stocks-morningstar-arkk-2024-2">has seen massive losses since it peaked in February 2021.</a>The ARKK ETF is down 72% since its February 19, 2021 peak. Over the same time period, the Nasdaq 100, its primary benchmark, has soared 39% and it sitting at record highs. Year-to-date, the ARKK ETF is down 15% while the Nasdaq 100 is up 12%.And the losses keep piling up for ARKK, which manages $6.3 billion, <a href="https://markets.businessinsider.com/news/etf/cathie-wood-ark-invest-etf-net-outflows-bad-bets-tesla-2024-4#:~:text=The%20investment%20firm%20highlighted%20that,Morningstar%20analyst%20Amy%20Arnott%20said.">down from its peak of about $28 billion in assets under management.</a>According to <a href="https://cathiesark.com/" target="_blank" rel="noopener">data from Cathie's Ark,</a> a website that tracks the daily trades of ARK Invest's ETFs, only one of ARKK's top 10 stock holdings—Tesla—is in the green since it was added to the portfolio. And of the 35 stocks held in the portfolio, only seven stocks are positive. Here are the 10 biggest losers held in the ARKK ETF, according to data from Cathie's Ark. 10. Intellia Therapeutics<div type="image" title="NTLA" height="572" width="662" msid="110469454" hostid="261" sizebytes="18412"></div>ARKK average cost basis: $62.04 Current price: $24.67 % Change: -59.9%9. UiPath<div type="image" title="PATH" height="574" width="665" msid="110469456" hostid="261" sizebytes="16972"></div>ARKK average cost basis: $62.44 Current price: $18.98 % Change: -69.5%8. Roku<div type="image" title="ROKU" height="569" width="665" msid="110469457" hostid="261" sizebytes="17382"></div>ARKK average cost basis: $243.88 Current price: $56.67 % Change: -77.0%7. Zoom Video<div type="image" title="Zoom" height="567" width="666" msid="110469458" hostid="261" sizebytes="20030"></div>ARKK average cost basis: $278.55 Current price: $63.12 % Change: -77.6%6. Verve Therapeutics<div type="image" title="VERV" height="591" width="668" msid="110469460" hostid="261" sizebytes="17940"></div>ARKK average cost basis: $28.17 Current price: $5.25 % Change: -81.0%5. Unity Technologies<div type="image" title="Unity" height="567" width="672" msid="110469463" hostid="261" sizebytes="18726"></div>ARKK average cost basis: $104.43 Current price: $19.37 % Change: -81.2%4. 10x Genomics<div type="image" title="TXG" height="580" width="665" msid="110469464" hostid="261" sizebytes="17880"></div>ARKK average cost basis: $153.19 Current price: $22.67 % Change: -85.0%3. Pacific Biosciences<div type="image" title="PACB" height="596" width="670" msid="110469466" hostid="261" sizebytes="18230"></div>ARKK average cost basis: $19.84 Current price: $1.88 % Change: -90.2%2. Teladoc Health<div type="image" title="TDOC" height="578" width="660" msid="110469469" hostid="261" sizebytes="16740"></div>ARKK average cost basis: $163.91 Current price: $11.43 % Change: -93.0%1. Ginkgo Bioworks<div type="image" title="DNA" height="573" width="672" msid="110469471" hostid="261" sizebytes="19168"></div>ARKK average cost basis: $9.99 Current price: $0.66 % Change: -93.4%

Stocks held by ARK Invest's flagship innovation fund have seen huge losses. Here are the fund's 10 biggest losers.

Top 10 billionaires to have lost the most wealth in the last year as per Hurun Rich List

<ul><li>While benchmark index Sensex has gained 1.55% in the last one month, these 10 stocks have lost more than 15% each during the period.</li><li>Note that markets across the globe have been very volatile and witnessed huge sell-off on expectation that the US Fed will hike interest rates sooner.</li><li>Check out the latest budget news and updates on <a href="https://www.businessinsider.in/budget">Business Insider</a>.</li></ul>Some of the most valuable stocks like Wipro, L&amp;T Infotech, Mindtree, Infoedge have witnessed huge sell-offs in the last 30 days. Some of it is also because investors across the globe are worried about high inflation and tighter monetary policies. Global markets have been very <a href="https://www.businessinsider.in/stock-market/news/indian-markets-see-huge-sell-off-after-us-fed-says-interest-rate-hike-will-be-sooner-than-expected/articleshow/88728326.cms#:~:text=sooner%20than%20expected-,Indian%20markets%20see%20huge%20sell%2Doff%20after%20US%20Fed%20says,will%20be%20sooner%20than%20expected&amp;text=Markets%20were%20swayed%20by%20the,will%20stop%20economic%20stimulus%20measures.">volatile in the last one month on expectation </a>that the US Fed will hike interest rates sooner and will stop measures for economic stimulus. In the last one month benchmark index Sensex has gained 1.55%. Here are 10 stocks that have lost more than 15% each during the period. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 10 losers that lost more than 15% in last one month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Lal Pathlabs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Info Edge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indraprastha Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PI Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Infotech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15% </td></tr></tbody></table>Shares of <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-bandhan-bank-strides-pharma-saw-sharp-losses-this-year/slidelist/88614089.cms#slideid=88614546">RBL Bank </a>and <a href="https://www.businessinsider.in/stock-market/news/zee-entertainment-shares-hits-upper-circuit-after-two-independent-directors-resign-on-investors-demand/articleshow/86189814.cms">Zee Entertainment Enterprises </a>have been under pressure for several months because of corporate misgovernance at the management level. Shares of technology and pharma companies have fallen the most in the last one month. Telecom operator Vodafone Idea’s fell sharply on ballooning losses and declining subscriber numbers. Meanwhile, Info Edge slipped significantly after its invested companies —online food aggregator Zomato and online insurance distributor PolicyBazaar — saw huge sell-off since IPO listing. While the emerging electric vehicle industry is booming for the right reasons, some gas companies are worried about their future. The government's efforts on promoting green energy to control pollution pose a threat to the growth of compressed natural gas sales for Indraprastha Gas. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/icici-bank-has-potential-to-make-lot-of-money-for-investors-say-analysts/articleshow/89086297.cms">ICICI Bank shares are sulking with the rest of the market, but analysts say it could make a lot of money for investors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/there-is-a-silver-lining-in-vodafone-ideas-dark-numbers/articleshow/89086056.cms">There is a silver lining in Vodafone Idea’s dark numbers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-is-looking-to-acquire-southern-players-in-edible-oil-fmcg-industry/articleshow/89080514.cms">Fortune oil maker Adani Wilmar is looking to acquire southern players in edible oil, FMCG industry</a>

Wipro, L&T Infotech, Zee Entertainment, Mindtree among top losers that hit investors’ portfolio in the last one month

<ul class="summary-list"><li>The S&amp;P 500 returned 7.5% in the first quarter of 2023 as bank turmoil rocked financial markets. </li><li>Nvidia, Meta, and Tesla led the way as top gainers of the quarter, while financial names lagged.</li></ul>The <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gained 7.5% in the first three months of 2023, defying <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-economy-winning-quarter-fed-rate-hikes-2023-3">March's bank turmoil</a> sparked by the collapse of Silicon Valley Bank.It marked a second consecutive quarter of gains, with the index rising 7.6% in the fourth quarter of 2022. The stock market's strong outing came alongside more interest rate volatility as the Federal Reserve weighed whether to prioritize fighting inflation or avoiding exacerbating the effects of the bank crisis on the economy. Stocks rallied broadly though as traders increasingly placed bets that the central bank would conclude its rate hike campaign and even begin cutting rates as early as mid year. The <a href="https://markets.businessinsider.com/index/nasdaq_100?utm_medium=ingest&amp;utm_source=markets">Nasdaq 100</a> entered a <a href="https://markets.businessinsider.com/news/stocks/nasdaq-bull-market-tech-stocks-fed-policy-svb-bank-crisis-2023-3?utm_medium=ingest&amp;utm_source=markets">new bull market</a> in the last week of the quarter, closing 20% higher than its December low.Looking ahead, a strong showing during earnings season could bode well for stocks as bears throw in the towel, according to Fundstrat's Tom Lee, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-market-inflation-corporate-earnings-rally-fundstrat-2023-4">who sees the S&amp;P 500 rising 20% in 2023</a>.However, to JPMorgan strategists, the <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-strategy-analysis-banking-crisis-jpmorgan-marko-kolanovic-2023-4">latest rally in the stock market "makes little sense,"</a> as the Fed itself hasn't yet signaled its preparing to cut rates. Here are the top 10 winners and losers in the S&amp;P 500 in the first quarter. <h3>Biggest winners of the first quarter</h3>1. <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a><div type="image" title="Jensen Huang Nvidia CEO" height="2250" width="4500" msid="99276516" hostid="261"></div>First quarter return: 90%2. <a href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a><div type="image" title="Mark Zuckerberg announcing the new name of the company and Meta logo are seen during Facebook Connect livestream displayed on a laptop screen" height="512" width="1024" msid="99276520" hostid="261"></div>First quarter return: 76%3. <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a><div type="image" title="A Tesla Model 3 charges at a Supercharger." height="1500" width="3000" msid="99276522" hostid="261"></div>First quarter return: 68%4. <a href="https://markets.businessinsider.com/stocks/wbd-stock?miRedirects=1">Warner Bros Discovery</a><div type="image" title="David Zaslav speaks in front of Warner Bros. Discovery logo on blue drape" height="1966" width="3932" msid="99276525" hostid="261"></div>First quarter return: 59% 5. <a href="https://markets.businessinsider.com/stocks/algn-stock">Align Technology</a> <div type="image" title="woman getting invisalign" height="999" width="1999" msid="99276528" hostid="261"></div>First quarter return: 58% 6. <a href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a><div type="image" title="AMD" height="1100" width="2200" msid="99276531" hostid="261"></div>First quarter return: 51%7. <a href="https://markets.businessinsider.com/stocks/crm-stock">Salesforce</a><div type="image" title="Marc Benioff, founder, chairman and co-CEO of Salesforce, speaks at an Economic Club of Washington luncheon in Washington, DC, on October 18, 2019" height="2288" width="4577" msid="99276533" hostid="261"></div>First quarter return: 51%8. <a href="https://markets.businessinsider.com/stocks/wst-stock?miRedirects=1">West Pharmaceutical Services</a><div type="image" title="Microscope" height="1250" width="2500" msid="99276534" hostid="261"></div>First quarter return: 47% 9. <a href="https://markets.businessinsider.com/stocks/ge-stock">General Electric</a><div type="image" title="General Electric Co. logo on a building" height="1000" width="2000" msid="99276535" hostid="261"></div> First quarter return: 46% 10. <a href="https://markets.businessinsider.com/stocks/ctlt-stock">Catalent</a><div type="image" title="microscope slides" height="3008" width="6016" msid="99276537" hostid="261"></div>First quarter return: 46% <h3>Biggest losers of the first quarter</h3>1. <a href="https://markets.businessinsider.com/stocks/frc-stock">First Republic Bank</a>First quarter return: -88%2. <a href="https://markets.businessinsider.com/stocks/zion-stock">Zions Bancorp</a>First quarter return: -39%3. <a href="https://markets.businessinsider.com/stocks/schw-stock">Charles Schwab</a>First quarter return: -37%4. <a href="https://markets.businessinsider.com/stocks/cma-stock">Comerica Inc.</a> First quarter return: -34%5.<a href="https://markets.businessinsider.com/stocks/dish-stock">DISH Network Corp.</a>First quarter return: -34%6. <a href="https://markets.businessinsider.com/stocks/key-stock">KeyCorp.</a>First quarter return: -27%7. <a href="https://markets.businessinsider.com/stocks/lnc-stock">Lincoln National Corp</a>.First quarter return:-26%8. <a href="https://markets.businessinsider.com/stocks/cnc-stock">Centene Corp</a>.First quarter return:-23%9. <a href="https://markets.businessinsider.com/stocks/ci-stock">Cigna Group</a>First quarter return:-23%10. <a href="https://markets.businessinsider.com/stocks/apa-stock">APA Corp</a>.First quarter return: -22%

These were top 10 biggest winners and losers in the S&P 500 in the first quarter

As the AI tsunami sweeps across the white-collar working world and fundamentally disrupts <a href="https://www.businessinsider.com/ai-radically-reshape-job-market-global-economy-employee-labor-innovation-2023-8">hundreds of millions of jobs</a>, nearly 1 billion knowledge workers worldwide will be affected, and 14 million jobs will be wiped out. Disruption from artificial intelligence is just one of the major structural shifts that will define the American economy over the next few decades. But while white-collar professionals stare down a turbulent job market and declining wages, a large, unexpected segment of the workforce may be safely on high ground: blue-collar jobs. The likes of skilled trades, intensive manual labor, and jobs that require a combination of physical, knowledge, and social work will not be upended. In fact, as other long-term trends take hold, many of these working-class roles are poised for a job explosion.As older Americans <a href="https://www.businessinsider.com/baby-boomer-retirement-surge-spark-forever-labor-shortage-jobs-workers-2023-5">retire</a> in massive numbers and leave behind open jobs, and as demand for healthcare, green energy, high-tech manufacturing, and construction increases, blue-collar jobs are going to see a substantial boom. ChatGPT will not replace the nurse who tends to you at the hospital or the construction worker who remodels your kitchen. The winners of the AI revolution will be the technicians, nurses, and plumbers who keep the new economy running after the machines have taken over the office.<h2>The new economy could be a boon for the working class </h2>Describing the nature of factory work in the '90s, the American poet Philip Levine wrote, "We stand in the rain / in a long line waiting at Ford Highland Park. For work. / You know what work is." At the time, factory jobs in the Rust Belt had dwindled, job-seeking became undignified, and the nature of work grew monotonous and alienating. <a href="https://www.oecd.org/unitedstates/us-manufacturing-decline-and-the-rise-of-new-production-innovation-paradigms.htm" target="_blank" rel="noopener">The decline of manufacturing sped up</a> precipitously in the early 2000s as globalization pushed jobs overseas, low-skilled work was automated away, and the economy shifted toward desk jobs with the advent of the internet. Today, there's a hopeful reversal for American blue-collar jobs. While cognitive workers fight over rapidly disappearing <a href="https://www.businessinsider.com/remote-wfh-jobs-application-odds-tech-market-rto-2023-9">remote jobs</a>, industries such as <a href="https://www.businessinsider.com/semiconductor-certification-program-chipmaker-manufacturing-jobs-new-career-intel-tsmc-2023-8#:~:text=Programs%20like%20the%20one%20enrolled,to%20be%20delayed%20until%202025.">semiconductor manufacturing</a> have the opposite problem — too many jobs to fill. And that's true across working-class industries. Two years of a historically tight labor market and low unemployment have pushed wages up for lower- and middle-income workers, stimulating a working-class job boom that has seen <a href="https://www.bls.gov/jlt/" target="_blank" rel="noopener">9.6 million job openings</a> nationwide and <a href="https://twitter.com/arindube/status/1715101591995371585?s=46&amp;t=2AJsaTiROqndjHD0Z5WOlw" target="_blank" rel="noopener">what economists are calling "full employment."</a> Over the next decade, <a href="https://www.bls.gov/news.release/pdf/ecopro.pdf" target="_blank" rel="noopener">the US Bureau of Labor Statistics</a> forecasts that the fastest-growing occupations will be in healthcare, transportation, renewable energy, and high-tech manufacturing.Nearly half of all job gains will come from the healthcare and social-support sectors. By 2032, one out of six new workers will be a home-health or personal-care aide. Construction, which has <a href="https://finance.yahoo.com/news/construction-job-market-is-red-hot-amid-persistent-inventory-shortages-184303806.html" target="_blank" rel="noopener">added 15,000 jobs a month over the past year</a>, also has room to keep expanding.While manufacturing jobs as a whole are expected to stay flat, spending in this industry has boomed to <a href="https://fred.stlouisfed.org/series/TLMFGCONS" target="_blank" rel="noopener">$200 billion</a> each year, tripling in the past five years. And certain sectors are expected to grow: The electrical-equipment and semiconductor industry is projected to reach <a href="https://www.bls.gov/news.release/pdf/ecopro.pdf" target="_blank" rel="noopener">3% annual growth over the next decade</a>. Chip manufacturing will continue to be a national priority, and that means a lot of well-paid jobs that require only a high-school education. "There's going to be significant demand in manufacturing for the sorts of non-BA technician jobs," Mark Muro, an expert on technology and workforce development and a policy director at the Brookings Institution, told me. Within chip manufacturing, <a href="https://www.brookings.edu/articles/with-high-tech-manufacturing-plants-promising-good-jobs-in-ohio-workforce-developers-race-to-get-ready/" target="_blank" rel="noopener">roughly 50% of entry-level workers</a> have only a high-school or equivalent education level, compared with 38% for all other industries. Over the next 10 years, as the global semiconductor industry is <a href="https://www.mckinsey.com/industries/semiconductors/our-insights/the-semiconductor-decade-a-trillion-dollar-industry" target="_blank" rel="noopener">primed to reach $1 trillion</a>, another 50,000 American jobs will be added for roles such as electrical assemblers and industrial technicians.While not all working-class jobs will be safe from automation — retail workers, for instance, do not have a rosy outlook — there has been improvement across the board for lower-income workers. The initial shock of the pandemic hit low-wage workers the hardest, but the recovery since has been more auspicious. Wages have grown <a href="https://www.epi.org/publication/swa-wages-2022/" target="_blank" rel="noopener">nearly three times as fast as in any other </a>recovery period. <a href="https://www.politico.com/news/2023/05/29/low-income-wages-employment-00097135" target="_blank" rel="noopener">The wages of the lowest 10th percentile of the workforce</a> — earning an average of $12.50 an hour — grew only 3.9% from 2009 to 2017. But from March 2020 to March 2022, wages grew by 5.7%. Despite inflation, real wages are higher for blue-collar, nonmanagerial, and lower- and middle-wage workers than they were before the pandemic.Other economic barometers also show steady improvements that are likely to continue. Over the past decade, the <a href="https://www.census.gov/library/publications/2023/demo/p60-280.html#:~:text=Highlights-,Official%20Poverty%20Measure,and%20Table%20A%2D1)." target="_blank" rel="noopener">poverty rate</a> in America has fallen from 14.8% to 11.5%. The net worth of the average household in the bottom 50% of Americans is <a href="https://fred.stlouisfed.org/graph/?graph_id=1101676" target="_blank" rel="noopener">up more than 45%</a> from before the pandemic. If a recession is averted, the continuation of a tight labor market will continue to drive wages up, further reduce the poverty rate, and boost household income and net worth. Adding to the tailwinds is AI's adoption, which is likely to augment these jobs, leading to higher productivity growth over the coming decade. Increased labor productivity in the construction industry would be a boon for economic growth since housing scarcity remains one of the most pressing issues for Americans. <h2>Who's safe from AI?</h2>In the <a href="https://www3.weforum.org/docs/WEF_Jobs_of_Tomorrow_Generative_AI_2023.pdf" target="_blank" rel="noopener">World Economic Forum's recent joint report</a> with Accenture, 19,000 individual tasks across nearly 900 occupations were analyzed for how much they could be affected by AI. The findings were pretty straightforward: Jobs with a high degree of personal interaction and nonroutine physical tasks faced the least amount of disruption from AI. Other recent projections by the Bureau of Labor Statistics and McKinsey have come to similar conclusions."What characterizes the physical labor jobs that are safe for the next five or 10 years are things that are in an unpredictable physical environment," Kweilin Ellingrud, a McKinsey Global Institute director, told me. "If it's in a predictable physical environment, and it's repetitive, then either a robot — likely even before generative AI — or some sort of generative AI can create the automation to do that well."One influential explanation for this is <a href="https://ide.mit.edu/wp-content/uploads/2019/08/Identifying-the-Multiple-Skills-in-SBTC-8-2-19.pdf" target="_blank" rel="noopener">known as skill-biased technological change</a>, a theory that says routine roles that are susceptible to automation and computerization will see declining wages, while nonroutine roles that require dexterity or human interaction will see increased demand and wages. That's what recent research has found: Jobs such as air-conditioning installer, teacher, and hairdresser — jobs that are not routine — will be relatively unscathed over the next five to 10 years. Research led by <a href="https://www.nytimes.com/2023/08/24/upshot/artificial-intelligence-jobs.html" target="_blank" rel="noopener">OpenAI</a> found that 4% of workers, including painters, carpenters, and roofers, had zero tasks that could be influenced by AI. And even though technology could infiltrate more of these roles, they fundamentally cannot be replaced by machines. Ellingrud said, "Even though we have Roombas, we still have house cleaners because the Roomba can only do so much and isn't all that effective." Instead of replacing these jobs, AI will likely benefit specific roles by making it easier to do the most routine parts of the job. Nurses, for example, could spend less time collecting and entering information into a medical-record system. For an industry notorious for high hourly billing rates, <a href="https://www.mckinsey.com/featured-insights/mckinsey-explainers/whats-the-future-of-generative-ai-an-early-view-in-15-charts" target="_blank" rel="noopener">allowing nurses to redeploy their time</a> on more critical tasks — such as taking care of patients — would save Americans billions in annual healthcare costs. Similarly, the construction industry could benefit from new technology such as AI drones to do inspections or AI sensors that measure things, freeing up workers to do more."You may get a bifurcation within these groups where the hands-on physical work remains, but generative AI picks up and substitutes for a lot of the management supervising," Muro told me. He added: "There are these jobs that are in a middle ground where the physical work may remain but the supervision might be more exposed." But instead of replacing workers, this kind of integration could help these types of roles be more productive, have more demand, and earn more money. <h2>Safe ground</h2>Blue-collar jobs are not only safe from AI's impact but also physically safer with the tech. AI's adoption in the workplace can help improve safety via real-time monitoring of risks and alerts for equipment issues or injuries. <a href="https://www.bls.gov/opub/ted/2023/a-look-at-workplace-deaths-and-nonfatal-injuries-and-illnesses-for-workers-memorial-day.htm" target="_blank" rel="noopener">Each year in the US, there are 2.7 million workplace injuries</a> and over 5,000 deaths as a result of workplace accidents, so any improvements would be significant. Though many of these working-class jobs may be physically or emotionally laborious, they are durable for the future. Broadly speaking, the jobs that will come out on top of the AI shuffle are <a href="https://www.aspeninstitute.org/wp-content/uploads/2016/04/Restore-the-Promise-of-Work-The-Aspen-Institute-2016.pdf" target="_blank" rel="noopener">good-quality jobs</a> that provide steady work hours, upward mobility, and career support, as well as "fair compensation and a degree of voice," Muro said. As the economy gets increasingly precarious because of AI, the winners of this AI revolution will not need to swim a technological triathlon against oncoming waves — they will already be on elevated terrain, safely and skillfully working away.<a href="https://www.businessinsider.com/author/emil-skandul" rel="">Emil Skandul</a> is a writer on technology and urban economics, and a Tony Blair Institute fellow.

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