A massive sell-off of stocks in European business service companies, driven by fears surrounding artificial intelligence, has proved disproportionate to the actual threats. According to a report from Bernstein analysts released on May 15, 2026, the stock market has overestimated the risks of algorithms displacing live workers.
Investors have been offloading assets amid expectations of widespread layoffs among office staff. However, actual data contradict these concerns. Statistics from global staffing firm Adecco indicate that only 1.4% of corporate layoffs today are directly related to the implementation of artificial intelligence.
Productivity over layoffs
Bernstein emphasizes that the adoption of neural networks is functioning as a driver of productivity growth rather than a tool for total automation. Historical data demonstrates a strong correlation between technological advancements and overall employment expansion (in the United States, this metric reaches 80% year-over-year and 100% over a ten-year horizon).
Even McKinsey’s baseline forecast, which suggests that 30% of work hours in Europe and the US could be automated by 2030, points to the transformation of professions and the "augmentation" of human workers with technology, rather than a collapse of the job market.
Furthermore, the impact of AI on business is sharply segmented:
Risk zone: Companies specializing in data processing, translation, and basic customer service are already facing immediate pressure on margins and volumes, as these tasks are easily automated.
Resilience zone: Staffing agencies for frontline workers and physical testing companies maintain absolute structural immunity due to the physical nature of labor, which is not yet accessible to generative models.
