The Open AI co-founder said: “I expect the economic disruption will last a little longer than people think because there is a lot of inertia in society, but then it will be more intense than people think.”

He added: “With every major technological revolution there is a lot of job turnover, but I bet we’ve never seen it so quickly.”

Sam Altman, CEO and co-founder of OpenAI, said he always knew there would be a moment when the world would understand the power of artificial intelligence.

However, he didn’t think the launch of ChatGPT two years ago would be that moment.

He said at the summit: “At one point we thought there was going to be a big moment in the world. Did we know that introducing ChatGPT would be just right? Certainly not.”

ChatGPT, a generative artificial intelligence chatbot, was developed by OpenAI and launched in 2022.

Europe is “disappearing,” billionaire hedge fund boss Kenneth Griffin said at the summit.

He said: “Compared to the United States, it is lethargic. And it is a continent that is literally disappearing. Their birth rates are challenging. Their economy is not growing. Their per capita numbers are frightening.”

Optimism for the future is “non-existent,” he added.

“Do you want to be Europe? I don’t want to be Europe. I want to be America.”

Citadel founder Kenneth Griffin has warned the White House against “playing favorites” and said he is concerned about “the rise of crony capitalism” in the US.

He said: “It is truly unfair to the American taxpayer, the American consumer and future generations if we in Washington start picking winners and losers with taxpayers’ money.”

He also warned Elon Musk, the billionaire who will head a new government efficiency ministry, that “cuts of any kind will be very politically unpopular.” Griffin said it’s hard to say whether Musk will succeed.

However, he praised Musk as “truly one of the great entrepreneurs of our lifetime.”

Kenneth Griffin, the head of Miami-based hedge fund Citadel, said Donald Trump’s victory was “the best outcome for America.”

He said America is “open for business again” after an era of regulatory burdens under President Biden.

Griffin, a major Republican Party donor, said before the election that he had not supported Trump. He said at the DealBook Summit that he was concerned about the “personal toll” of litigation and an assassination attempt on Trump during the campaign, adding: “It hasn’t always gotten the best of him.” However, he said he voted in November Trump voted.

The big idea that Trump has presented is that “America can be an exceptional country, that this is a country where you can have a better life,” Griffin said. “These values ​​resonate across the country.”

The Duke of Sussex, Jeff Bezos and Bill Clinton are among the speakers appearing at The New York Times’ annual DealBook event, discussing topics ranging from the future of artificial intelligence and the US election result to trade wars and relations between China and the USA.

Prince Harry is scheduled to speak in his capacity as co-founder of the Archewell Foundation, the Sussexes’ charitable organization, and chief impact officer of BetterUp, the mental health startup.

Speakers also include Sundar Pichai, the CEO of Google; Kenneth Griffin, the American hedge fund boss behind Citadel; Jerome Powell, the chairman of the Federal Reserve; and Sam Altman, the managing director of OpenAI.