Mass unemployment, layoffs, and AI: A shocking report sows panic on the financial markets

On Sunday, February 22, 2026, Citrini Research, a small financial blog, unknowingly sparked a wave of panic among investors. The blog published a 7000-word essay imagining what the job market in 2028 could look like, upended by the rise of artificial intelligence. This financial dystopia presented a complete panorama of an economy massively transformed by AI, with an unemployment rate over 10% in the United States, massive layoffs across all sectors, and the rise of a phantom GDP based on AI, with no real wealth creation or employment.

"White-collar workers have lost their jobs to machines and have been forced to accept lower-paying positions," one can read in the Citrini Research essay. "Computer owners have seen their wealth explode with the disappearance of labor costs," but "real wage growth has collapsed."

I spent 100 hours over the past week researching, writing and editing the piece we just put out.

It’s a scenario, not a prediction like most of our work. But it was rigorously constructed, dismissing it outright requires the kind of intellectual laziness that tends to get…

— Citrini (@Citrini7) February 22, 2026

The essay also prophesied a stock market crash, with a 38% drop in the S & P 500, and a real estate market collapsing in most major cities. The text describes the advent of AI as an "economic pandemic." As indicated by the author Alap Shah, the purpose of the essay is to help investors better prepare "for the potential risks related to AI, which makes the economy increasingly unpredictable." On X, Citrini Research clarifies that it is « a scenario, not a prediction ».

While artificial intelligence is everywhere in the news, the essay quickly spread through the financial world. Analysts, investment fund managers, and technology industry employees shared the article. On X, it can be seen that the essay made a huge impact, with nearly ten million views in just a few days.

Also read: « A superintelligence would do better than me » – the shocking statement by the creator of ChatGPT about our jobs

A mini crash on stock markets

As reported by several American newspapers, including the Wall Street Journal, the essay caused panic among investors. On Monday, February 23, 2026, the Dow Jones index fell by 800 points, while software company valuations lost about 200 billion dollars in a single day. For the media, « the 7,000-word speculative text » by Citrini Research is cited as one of the causes of the market decline.

The stocks of automation software publishers, especially those managing customer relationships, sometimes drop by more than 9% in a few days. Several experts speak of a mini crash in certain sectors. The essay indeed specifically targets automation software companies as the first victims of AI on the stock market. Investors, already anxious as AI disrupts the economy, are now selling their stocks, worsening the collapse of certain stocks.

In the software sector, stock sales had begun last month, but they accelerated following the spread of the trial. As explained by Peter Williams, analyst at 22V Research, the report « dramatically catalyzed existing and emerging fears related to AI ». 

Also read: « These tasks will be automated by AI » – Microsoft announces the end of several jobs within 18 months

A too pessimistic trial

Soon, experts like Alex Dryden, Christopher Dembik, and Stuart Mills judge the economic conclusions highly questionable, with unrealistic and unfounded job loss estimates. For Gérard MacDonell of Front Harbor Macro Research, the reasoning ignores a basic economic principle, namely that production generates income. For the London-based strategist Joachim Klement, this kind of scenario is only trying to create buzz. « The investment gurus who sell pessimistic information bulletins make more money by selling their bulletins and books than those who sell useful information » », regrets Joachim Klement. « The analysts estimate that the test is excessively pessimistic and that AI cannot replace as many jobs in two years. There is certainly no sign of recent or gradual collapse in hiring intentions », notes Peter Williams. The strategist Ed Yardeni states that he continues to believe « that AI increases worker productivity but does not make them disappear ». Although excessive and deliberately dystopian, the Citrini Research test nonetheless illustrates the tension present in financial markets at a time when AI-specialized start-ups, such as Anthropic or OpenAI, are rapidly multiplying innovations. 👉🏻 Follow real-time tech news: add 01net to your Google sources, and subscribe to our WhatsApp channel. Source : Benzinga Intelligence artificielle Licenciements Florian Bayard

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