What If AI Doesn’t End the World?

Markets just wiped out $800B in value as the “AI takeover” narrative goes mainstream. But the obvious trade rarely wins.
Yes, AI is a true capability shock — improving across coding, research, automation, and white-collar workflows all at once. Tools like Anthropic’s Claude have already triggered sharp selloffs across targeted industries.
The bearish case says: automation → layoffs → weaker demand → more automation.
But that assumes demand is fixed and the system can’t adapt. History suggests otherwise.
There’s a second path being underpriced: AI as the largest productivity expansion ever — expanding markets, not collapsing them.
Disruption is real. Collapse isn’t guaranteed.