Business sectors ranging from agriculture and manufacturing to automotive and financial services are increasingly turning to artificial intelligence as a means to automate large swaths of their organizations--and, along the way, save enormous sums through improved efficiencies. But, says'Megathreats' Author and NYU Stern School of Business professor Nouriel Roubini, the rise of AI will also have a massively negative impact on workers throughout the economy. AI has helped revolutionize everything from the smartphones in our pockets to our grocery stores, which use the technology to better predict which items customers want to see on shelves. However, Roubini, whose prediction of the 2008 financial crisis earned him the moniker "Dr. Doom," says AI poses a threat to millions of workers.

'Megathreats' Author and New York University Stern School of Business Professor Nouriel Roubini joins Yahoo Finance's All Markets Summit to discuss the growth of artificial intelligence and its implications for the labor market and global economy. But you're saying that this could be caused by supply constraints. NOURIEL ROUBINI: Well, in the 1970s, we had two negative supply shocks. One was the Yom Kippur War between Israel and the Arab states that led to a spike in oil prices in '73. The second one was the Iranian revolution that led again a spike in oil prices.

Financial markets were cheered recently by the news that the US and China have reached a "phase one" deal to prevent further escalation of their bilateral trade war. But there is actually very little to cheer about. In exchange for China's tentative commitment to buy more US agricultural (and some other) goods, and modest concessions on intellectual property rights and the yuan, the US agreed to withhold tariffs on another $160bn (£124bn) worth of Chinese exports, and to roll back some of the tariffs introduced on 1 September. The good news for investors is that the deal averted a new round of tariffs that could have tipped the US and the global economy into recession and crashed global stock markets. The bad news is that it represents just another temporary truce amid a much larger strategic rivalry encompassing trade, technology, investment, currency and geopolitical issues.