Now, a top official at the International Monetary Fund is joining the crowd of those worried about A.I., suggesting that we may not much time to determine how to protect people from the new technology.

There is tremendous uncertainty, but thatdoesnt mean that we have the luxury of time to wait and think of the policies that we will put in place in the future, Gita Gopinath, IMFs first deputy managing director, told the Financial Times. 

We need governments, we need institutions and we need policymakers to move quickly on all fronts, in terms of regulation, but also in terms of preparing for probably substantial disruptions in labor markets, she added. 

Gopinath, a top deputy at the IMF, pointed to automation in manufacturing as an earlier example of how a new technology threatens jobsand could have unintended political consequences. Economists had long argued that new machinery and technologies would make people more productive over time and drive costs of goods and services down.

But experts were wrong to predict that workers laid off due to automation would find new opportunities in different industries, Gopinath argued. The lesson we have learned is that it was a very bad assumption to make, she said. It was important for countries to actually ensure that the peopleleft behind were actually being matched with productive work.

Separately on Monday, Gopinath warned that A.I. could be as disruptive as the Industrial Revolution was in Adam Smiths time, referring to the 18th-century economist whose ideas on free markets and labor shaped modern economics.

Despite A.I.s potential, we need to consider the broad negative effect it could have on employmentand the social upheaval that could cause, Gopinath said during a speech at the University of Glasgow.

Gopinath warned that with A.I., there is a risk that some jobs may hurt more than others. For instance, with middle-skill jobs being replaced by automation, there is a widening gap between high- and low-paying jobs in the economy. 

These could have a negative impact on globalization, and to avoid it, Gopinath suggested social safety nets for workers impacted by the deployment of A.I. or other automation technologies, according to the Financial Times.

A.I. predictions and regulations

Some economists have echoed Gopinaths worries in the past about A.I. disrupting jobs. 

I think theres a risk that ChatGPT makes us a lot more productive in easy-to-do stuff, but the hard part to figure out is how we can use A.I. to create innovation that then creates new occupations and new industries, Carl Benedikt Frey, an Oxford economist who predicted computerisation would wipe out 47% of jobs in the U.S. a decade ago, told Fortune in February. Frey also warned that the disruption from A.I. could also drag down wages.

Generative A.I. could have an outsized impact on gross domestic product worldwide. In an April report by Goldman Sachs, the bank said that in the next 10 years, A.I. could increase global GDP by 7%equivalent to to $7 trillionlifting productivity by 1.5%. The World Economic Forum predicted that over the next five years, A.I. could change how jobs look and cause significant labor-market disruption.

The anticipated gains might be good news for economies, but employees are still grappling with how their roles may be impacted immediately. For instance, studies show that jobs of telemarketers and some teachers are most threatened from A.I. advancements. Tech companies like IBM have already deployed A.I. internally to automate repetitive back-office processes. 

While changes take place at a rapid pace, countries are trying to build safeguards to regulate A.I. In the EU, lawmakers approved the A.I. Act last month that categorizes the technology by its degree of risk and sets rules accordingly. The U.S. hasnt made as much headwayin April, the Biden Administration is still mulling over what accountability measures to introduce.

The strike authorization was approved by an overwhelming margin nearly 98% of the 65,000 members who cast votes.

The guild, which represents over 160,000 screen actors, broadcast journalists, announcers, hosts and stunt performers, begins its negotiations with the Alliance of Motion Picture and Television Producers on Wednesday, over a month after the Writers Guild of America began striking over its own dispute with AMPTP. If the actors union ultimately moves forward with the strike, it would be limited to television and film productions; news and broadcast work would not be directly affected.

At stake is increased base compensation, which actors say has been undercut by inflation and the streaming ecosystem, the threat of unregulated use of artificial intelligence, benefit plans and the burden of self-taped auditions the cost of which used to be the responsibility of casting and production.

We are approaching these negotiations with the goal of achieving a new agreement that is beneficial to SAG-AFTRA members and the industry overall, the AMPTP said in a statement Monday.

The strike authorization vote, a tool at the bargaining table, comes at a pivotal moment for the industry as 11,500 writers enter their sixth week of striking and the directors guild reviews a recently reached tentative agreement with studios on issues like wages, streaming residuals, and artificial intelligence. Should the actors strike, the industry already hobbled by the writers strike would come to a near-standstill, from production to promoting completed projects.

The WGA, DGA and SAG-AFTRA have shown solidarity with one another since the writers began walking the picket lines on May 2. Many in Hollywood worried about the very real possibility that all three guilds would strike at the same time, as both the directors and the actors contracts were soon due to expire as well.

That scenario changed Sunday night when the directors guild, which represents 19,000 film, television and commercial directors, announced that they had reached a truly historic tentative agreement with studios. The terms, which have not been disclosed in detail to the press or the other guilds, will be presented to the DGA board on Tuesday for approval and then to the membership for ratification.

Representatives for both the writers guild and the actors guild congratulated the directors group for reaching a tentative deal, though neither commented on specific points of the DGA terms. The WGA also said that its bargaining positions remain the same.

The DGA deal did not sit well with some individual WGA members, some of whom remembered when the directors negotiated their own contract while the writers were striking in 2007-2008. That deal 15 years ago, some felt, set precedent that forced the writers to fall in line with the terms agreed to by the DGA and end the strike.

Zero surprise. The AMPTP continues to use their tired old playbook. And the DGA sadly continues to toe the line, knowing that they can draft off of the WGAs resolve to strike for a truly historic deal. Disappointing, but not surprising, veteran television writer Steven DeKnight, who also wrote and directed Pacific Rim: Uprising, tweeted.

Seemingly anticipating a repeat, the WGA negotiating committee last week released a letter cautioning that the studios would once again pursue a divide and conquer strategy, pitting the guilds against one another.

Our position is clear: to resolve the strike, the companies will have to negotiate with the WGA on our full agenda, the WGA letter had said. We will continue to march until the companies negotiate fairly with us.

While the unions have appeared more united this time, their aims are also different in many arenas. For the directors, securing international streaming residuals that account for subscriber growth was a key component, as were wages, safety (like banning live ammunition on set), diversity and inclusion and the addition of Juneteenth as a paid holiday.

The WGA agenda includes increased pay, better residuals and minimum staffing requirements. One key area of overlap between all is artificial intelligence. The DGA said theyd reached a groundbreaking agreement confirming that AI is not a person and that generative AI cannot replace the duties performed by members.

Duncan Crabtree-Ireland, the chief negotiator for SAG-AFTRA, maintains the needs of the guilds actor members are unique. Hollywood actors havent gone on strike against AMPTP since 1980, which saw a 95-day strike over terms for paid television and VHS tapes.

Our bargaining strategy has never relied upon nor been dependent on the outcome or status of any other unions negotiations, nor do we subscribe to the philosophy that the terms of deals made with other unions bind us, Crabtree-Ireland said Sunday.

On Monday, he added that the vote was a clear statement that its time for an evolution in this contract.

The agency charged that Microsoft gathered the data without notifying parents or obtaining their consent, and that it also illegally held onto the data. Those actions violated the Childrens Online Privacy Protection Act, the FTC stated.

In a blog post, Microsoft corporate vice president for Xbox Dave McCarthy outlined additional steps the company is now taking to improve its age verification systems and to ensure that parents are involved in the creation of child accounts for the service. These mostly concern efforts to improve age verification technology and to educate children and parents about privacy issues.

McCarthy also said the company had identified and fixed a technical glitch that failed to delete child accounts in cases where the account creation process never finished. Microsoft policy was to hold that data no longer than 14 days in order to allow players to pick up account creation where they left off if they were interrupted.

The settlement must be approved by a federal court before it can go into effect, the FTC said.

Obviously, the world knows my wife is Paris Hilton, says Reum, who married the Hilton Hotel heiress, millionaire, musician and reality star in November 2021. I just fell in love with a girl named Paris, just like any other person.

Sometimes, Reum says he turns to Hilton for advice at his current venture, M13the firm invests in technologies that it believes power the future of work, health, commerce, and money.

Portfolio companies include meditation app Headspace, social media giant Pinterest and the security company Ring, among others.

When you think about investing in spaces, like the creator economy, I get to see the world through the eyes of arguably the one that created the whole creator game, he says.

But in reality, Reum had found plenty of success way before his 2021 marriage to Hilton and is no stranger to wealth himself.

In 2007, he and his brother, Courtney Reum, left lucrative roles at Goldman Sachs to launch the alcohol company Veev.

Within 10 years, the two built VEEV up to become one of the 5,000 fastest-growing private companies in the States with more than $10 million in annual sales before they sold the company for more than seven times its revenue.

To date, Reum has seeded seven unicorns, authored Shortcut Your Startup: Ten Ways to Speed Up Entrepreneurial Success, and appeared on Hatched, a TV series that follows entrepreneurs. He gave Fortune a detailed tour of his résumé, including what he learned on his journey toward success.

Goldman Sachs wasnt the dream 

After graduating from Columbia University, Reum kickstarted his career in investment banking in 2004.

Somehow getting a job at Goldman Sachs was the easiest job I ever got, he insists while explaining that the reps came to his campus, he bagged an interview and was offered a summer internship. 

It wasnt the dream but when I thought about it, I thought to myself, it would teach me the skills that I could then go apply, regardless of what I wanted to do in the future, he says. So I always looked at it as a two-year training ground that would teach meand in that case, it was an easy decision, because I knew I would have a lot of doors open at the end of two years.

Graduates are often expected to know what they want to do for the rest of their lives and that can be daunting when it comes to finding your first job, but Reum insists its okay not to knowhe didnt. 

Instead, he thinks its important to take a more holistic view of where each role could lead you later on in life.

Sometimes you take a job that might put you down a path or maybe even close the door, he adds. But oftentimes, you take a role like I did at Goldman, and you know that youre going to be better in two years after the role than you were before you started the role.

His crazy risk

While still at Goldman Sachs, Reum was offered a role at Oaktree Capital Management, an American global asset management firm.

Reum had two options: He could stay on at Goldman Sachs where his brother Courtney was now also working or he could go down the private equity path. 

He did neither. 

In 2007, the two brothers forged their own path and founded a liquor company, Veev Spirits.

Looking back, he tells Fortune that everyone around them thought they were taking a crazy risk by walking away from two great jobs with great salaries but actually, when he broke down the potential outcome of becoming a founder there was very little downside

One outcome is we start a liquor company and we fail miserably, he begins.

But at the time, there werent many entrepreneurs so I probably would have gotten into a top business school easier, because I didnt look like every other person who worked at Goldman Sachs and then worked in private equitywhich was the typical path to business school.

So Reum rationalized to himself that even if the business did fail, it would propel him forward in his career. 

The second successful outcome is we build up a company, sell it, and maybe one day, theyll even let us teach a case study on our company at Harvard Business School, he addsand thats exactly what happened.

His advice on taking a leap of faith when at a career crossroads?

Try to think not about the step that youre taking, but try to play for one or two steps on where it might lead, he advises. A lot of times people can be short-sighted and just think about the role. But its about what that role can lead to.

Theres no such thing as making it

In the aftermath of the commercial success of Veevas well as the successful partnership he forged with his brotherthe Reum duo went into business again in 2016 with M13.

They started out by investing early in 15 portfolio companies that are now each valued at over $1 billion and in March 2022, the venture capital firm raised $400 million in its third fund for founders.

Despite finding entrepreneurial success not once but twice, Reum still doesnt believe hes made it. 

Everyone talks about the finality of success, he says. I dont think theres such thing as youve made it, because then youre not trying hard enough, or youre not trying to reach for great enough heights. 

Every year on Jan. 2, Reum says he shares an article in the companys Slack channels about Einsteins fascination with time compounding. 

If you get 1% better every day, by the end of the year, youre 37 times better because of that power of compounding, he says. 

So every accolade and milestone that M13 celebrates, is closely followed with Reum declaring to his team, Whats so exciting is weve just begun.

I say that because we have no small aspirations but more than anything, its a mentality to not settle, he says. Its a mentality not to be complacentand its a mentality to get 1% better every day because if you do that over a few years, the power of getting 37 times better by the end of the year, becomes pretty darn incredible.

The foundation

And beyond advice on creator economy investments, what role does the marriage to Paris play in Reums compounding 1% improvements?

At a larger level, Carter describes marriage to Fortune as the foundation that can set you up for success when trying to balance life and a career.

Finding that life partnerwhos going to be a teammate and whos going to make you the best version of yourself while you make them the best version of themselvesis no doubt about it, the most important decision all of us are going to make in our lifetime, because it will significantly impact the rest of your life, he says.