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We are living amidst a generative artificial intelligence (AI) revolution. Yet, many of the hypothetical dangers posed by AI remain to be investigated empirically. In this paper, I present three AI myths and their realities, with attention to the potential ramifications for social inequalities in the workplace and labor market. The first myth is that AI adoption will be rapid, sweeping, and transformational. The second myth is that AI will lead to widespread job displacement. And last, the third myth is that AI innovation is broad in scope and rapid in speed. To conclude, I consider the potential directions for future research on how AI is impacting the workplace and labor force, with an attention to inequality.