U.S. payrolls fell by 92,000 in February, a surprise that has prompted analysts to question the prevailing narrative that AI is already displacing large numbers of workers. Some observers argue firms are cutting hiring to fund heavy AI capital spending rather than seeing immediate on‑the‑job automation replace staff, Brad Conger of Hirtle Callaghan told Fortune. The debate matters to colleges: if firms are hiring less because they’re reallocating budgets to AI capex, demand for certain majors and campus career pipelines could shift quickly. Higher education planners must consider whether enrollment declines or reskilling demand will follow and adjust program capacity and apprenticeship partnerships accordingly. Career services, continuing education and workforce‑aligned programs should coordinate with employers to map short‑term hiring plans and identify where AI investments create new training needs rather than immediate headcount losses.