Wall Street has pushed back on the doomsday framing. Citadel Securities published a blistering takedown of the Citrini essay, noting, for instance, that demand for software engineers is up 11% year over year, and more broadly arguing that productivity shocks have historically expanded output and raised real incomes. Morgan Stanley predicted a wave of entirely new roles—chief AI officers, computational geneticists, and “vibe coding” product managers. The Deutsche Bank Research Institute’s proprietary AI tool forecast that while 92 million jobs will be eliminated by 2030, 170 million new roles will be created.
“The process was extremely onerous,” says Erik Bethel, a general partner at Mare Liberum, who says the vetting process took about 10 months, and that Mare Liberum underwent reference checks, rigorous due diligence, and spent more than “six figures of legal” bills to become one of 23 firms to be selected by the Office of Strategic Capital. More than 386 firms have applied for the program since it launched, according to a memo the firm put together that was shared with Fortune. The Office of Strategic Capital did not respond to Fortune’s request for comment about the loan.
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