On February 22, 2023, a blog post from Citrini Research warning of an impending “jobs apocalypse” due to AI technology triggered a panic in the stock market, erasing $2 trillion in market value in just one day. This wave of fear has also impacted companies in the software, IT security, and logistics sectors over recent weeks.
Experts, including former Fed governor Christopher Waller and Citadel Securities, quickly debunked the post’s claims, emphasizing that AI is primarily a productivity tool that has led to an increase in job postings, particularly in coding and app development. This sentiment aligns with the ongoing growth opportunities in the market, particularly for closed-end funds (CEFs) focused on real estate investment trusts (REITs), which benefit from rising AI adoption.
As of now, the Nuveen Real Estate Income Fund (JRS) yields 8.3%, and its discount to net asset value has widened from 6.7% at the beginning of 2023 to around 8.1%. Such dips present strategic buying opportunities for investors aiming for income and growth in the evolving AI landscape.
