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   AI's Rust Belt moment
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   Plus: A $1 billion bet on camera-free smart glasses.
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          Tuesday, July 7, 2026
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           Manufacturing's collapse is a preview of what AI could do to your job
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          Manufacturing's decline didn't arrive as a single event. It 
came in waves, separated by stretches of false recovery, and the communities hit hardest never fully came back. Now, as AI-driven displacement begins to reach white-collar knowledge workers, the manufacturing collapse is the closest historical template available.
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          U.S. manufacturing employment peaked at 19.6 million in June 1979, the Bureau of Labor Statistics found. By December 2009, that figure had fallen to 11.5 million. The drop wasn't gradual. It happened in five distinct collapses, each tied to a recession, and 
after every one, employment never climbed back to where it stood before.
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          The question is whether anyone will learn from previous events before AI has the same effect on white-collar workers.
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          Some researchers say generative AI could reshape half the workload for nearly a third of the workforce, particularly those in law and finance. Others claim about 80% of the U.S. workforce could have at least 10% of their work tasks affected by large language models, with higher-income jobs facing the 
greatest exposure.
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                            Yes. Many tasks will be automated
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                           <!--[if mso]><a 
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                            No. AI is just a form of software
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                           <!--[if mso]><a 
href="https://www.ne16.com/t/10953548/222404108/10115209/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNy0wNw&x=9fe23dc5" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">No. AI is just a form of 
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               <a data-linktext="Trump rings NYSE and Nasdaq bells together at the White House." data-linktype="Normal" style="color:#105C8E" target="_blank">
                Trump rings NYSE and Nasdaq bells together at the White House.
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              The Oval Office event marked the launch of tax-advantaged investment funds called Trump Accounts for U.S. children 
18 and under, with the Treasury depositing $1,000 for kids born at any point during President Donald Trump's second term.
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               <a data-linktext="Microsoft's Xbox division cuts about 20% 
of its workforce." data-linktype="Normal" style="color:#105C8E" target="_blank">
                Microsoft's Xbox division cuts about 20% of its workforce.
               </a>
              </strong>
              CEO Asha Sharma outlined 3,200 phased gaming-unit layoffs through fiscal 2027, telling employees the business is unhealthy and must be reset. Xbox Game Pass subscriptions sit near 30 million, far below the 77 million once projected.
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               <a data-linktext="SK Hynix seeks to raise $28 billion in a new Nasdaq listing." data-linktype="Normal" style="color:#105C8E" target="_blank">
                SK Hynix seeks to raise $28 billion in a new Nasdaq listing.
               </a>
              </strong>
              The memory-chip maker, long public in Seoul, set a smaller goal than planned after a recent hit to its South Korean share price. The
sale would rank among the biggest ever. Proceeds will fund South Korean factories and chipmaking machines.
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               <a data-linktext="EasyJet agrees to a $7.3 billion 
takeover bid from Castlelake." data-linktype="Normal" style="color:#105C8E" target="_blank">
                EasyJet agrees to a $7.3 billion takeover bid from Castlelake.
               </a>
              </strong>
              After failing with four previous offers, the Minneapolis-based investment firm finally won the board's backing with a bid worth £6.90 per share. The price is 73% above the carrier's close from May 29, when Castlelake first disclosed its interest.
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             <a aria-label="Bloomberg / Getty Images" style="color:#105C8E" target="_blank" title="Bloomberg / Getty Images">
              <img alt="Bloomberg / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2278890511.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODM0MTkwODUuMzk1NzN9:1wh2lx:SVicOlHQu4iYbvJBaFKa2iKNHkFGJKdbk5P0U-Gf0yI" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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              <strong style="color:#105C8E">
               <a data-linktext="All seven U.S. sectors grew for the first time since November." data-linktype="Normal" style="color:#105C8E" target="_blank">
                All seven U.S. sectors grew for the first time since November.
               </a>
              </strong>
              Basic Materials posted the strongest output expansion of any sector in June. Consumer Services, Financials, and Technology returned 
to growth after contracting in May. The survey covers more than 1,000 private sector companies.
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