According to CoinMeta, and as reported by Morgan Stanley, the substitution effect of AI on the U.S. job market is becoming increasingly significant. Economists at Morgan Stanley indicate that although the proportion of job replacements caused by AI is still small, the trend is becoming more apparent. By June 2026, the impact of AI on the U.S. unemployment rate is estimated to be around 0.15%, up from 0.10% in December 2025, with the substitution being most evident among young workers.