[Morgan Stanley Report: The AI Revolution is 10 Times Faster—Why Hasn't the Wave of Unemployment Arrived?] Morgan Stanley's Chief Economist points out that AI is spreading at the fastest pace in history, yet global labor market indicators remain unusually stable. Evidence increasingly supports the view of AI as an 'augmenter' rather than a 'replacement.' However, infrastructure bottlenecks, policy response capabilities, and the rapid compression of adjustment windows may lead this technological revolution to a different outcome. This article will analyze whether AI is eliminating jobs or restructuring work from three perspectives: historical insights, empirical data, and potential risks.