Where did the world have its “lightbulb moment”? New York City, literally. In 1882, many were skeptical of a new technology, the lightbulb, and favored kerosene lamps.
But Thomas Edison, backed by J.P. Morgan, showed the world the future when he lit up New York City buildings through electrification for the first time.
“Will it work? Is it a good investment? Many weren’t sure,” Yael Taqqu, senior partner and managing partner of McKinsey’s New York office, told the crowd assembled at McKinsey’s second Future of NY Summit. The summit, held at the Morgan Library & Museum, once Morgan’s home and Edison’s laboratory, addressed similar questions about a current disruptive technology—generative AI. “Some of us will be skeptics, urge caution and safeguards, and others will push the boundaries of what is comfortable. We need both viewpoints to find a way forward for New York with AI.”
The summit gathered leaders of corporations, startups, nonprofits, academia, and government to discuss challenges and opportunities facing New York City.
This year, led by Governor Kathy Hochul and Mayor Eric Adams, the summit built on new research from McKinsey into how generative AI will affect New York. Over one million occupational shifts may be required by 2030, with a third directly attributable to AI. Work that relies on knowledge or content creation will be up to 30 times more impacted than physical work.
Governor Hochul credited this research for helping her prepare for the headwinds, which included founding the new Emerging Technology Advisory Board, an independent group of industry leaders led by Arvind Krishna, CEO of IBM, and Dr. Tarika Barrett, CEO of Girls Who Code, tasked with informing and accelerating New York’s transformation into a hub for growth and innovation.
Some of us will be skeptics, urge caution and safeguards, and others will push the boundaries of what is comfortable. We need both viewpoints to find a way forward for New York with AI.
Just as Edison’s light show heralded changes far beyond its host city, AI’s effect on New York will happen in a global context. A panel moderated by Nick Thompson, CEO of The Atlantic, turned its attention to the technology’s wider implications.
Throughout the panel, Darren Walker, president of the Ford Foundation, called out the urgent need for technologists to develop AI for the public good, warning of potential social and economic consequences of business as usual.
“The systems in the analog world that created and perpetuate inequality are prepared to reproduce it here unless there is intervention,” he says. “Technologists must not only study ethics but pursue careers in public service and government.”
Barnard College president Laura Rosenbury echoed this by highlighting that 30 percent of jobs put at risk by AI are typically held by women, such as assistants, and that if AI is not trained on diverse populations, it won’t serve them either. She pointed to the role of academic institutions, noting that science and ethics classes are mandatory for Barnard students; however, “We need AI literacy starting in kindergarten if we aren’t going to leave people behind,” she says.
One panelist came out as a slightly unenthusiastic technology adopter—co-founder and co-chairman of The Carlyle Group, David Rubenstein, jokingly wished he still used a BlackBerry. Despite his personal resistance, he was clear that everyone must have access to new technologies.
“Our world is powered by technologies that didn’t exist when we were born, and the wealth gap was smaller before them,” he says. “If we’re not careful, AI will increase this disparity.”
Rubenstein and Rosenbury stressed that AI cannot replace the human touch; business and education require personal communication and empathy to succeed. Rosenbury pointed to philosophy as critical to navigating and understanding the changes AI will bring.
“In 20 years, we’ll be relying so much on philosophy to guide us through technology that the two fields might not have the same distinction,” she says.
Thankfully, coming together to make our region stronger is what New Yorkers do best.
John Legend, the singer-songwriter who was once a management consultant, recently joined a small group of artists who chose to embrace the AI future. They’ve licensed their voices to a YouTube program that allows users to create songs through AI.
“The songs I sing are connected to my life and my life story, and that’s not replaceable by AI,” he says. “But AI will reach everyone as a co-writer, a thought starter, for all sorts of creative projects in the future, whether a song or ad copy.”
John also mused about how AI can be a useful tool that can democratize access to creation and build community.
“We should prioritize intentional investment in community and human capital and figure this all out collectively,” he says. “Thankfully, coming together to make our region stronger is what New Yorkers do best.”