June 18, 2026
The billionaire investor warns companies not to abandon early-career talent pipelines
As companies increasingly adopt artificial intelligence to streamline operations and automate tasks, billionaire investor Robert F. Smith is urging business leaders not to sacrifice internship programs in the process.
Speaking at Fortune’s Brainstorm Tech conference in Aspen, Colorado, the founder, chairman, and CEO of Vista Equity Partners warned that while AI is poised to significantly alter the labor market, organizations must continue creating opportunities for young professionals to enter the workforce.
“I would continue to encourage all of you and businesses that you operate and own to make sure you don’t destroy your intern program,” Smith said, according to Fortune. “That’s an important part of bringing people along and, honestly, of creating optimism and a new group of technologists and thinkers who can carry this world.”
Smith’s comments come as companies across industries experiment with AI agents and automation tools capable of performing tasks once handled by entry-level employees. While acknowledging that the technology will create disruption, he argued that organizations still have a responsibility to develop future talent.
“Agents are workers, workers do tasks, some of those tasks get aggregated into jobs, and there is going to be a massive impact on jobs, no question about it,” Smith said. “Some may say [it will be] a big loss, some may say an expansion—there’s going to be some mix till we reach different states of equilibrium.”
For Smith, the issue is personal. According to Fortune, the Denver native repeatedly contacted Bell Labs as a teenager seeking an internship despite the program being reserved for college upperclassmen. His persistence paid off when the renowned research institution eventually accepted him, setting him on a path that would later help shape one of the most successful careers in private equity. During his time at Bell Labs, Smith developed a semiconductor reliability test and later returned for additional internships while attending Cornell University. Today, Smith oversees Vista Equity Partners, a technology-focused investment firm with approximately 90 software companies in its portfolio.
As AI continues to transform corporate America, Smith believes the solution is not to eliminate entry-level opportunities but to ensure young workers are included in the next chapter of technological innovation. The future of AI should include a pathway for the next generation of talent, not replace it.
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