ONE BIG THINGBill Gates: The world is unprepared for 3 major AI risks—stunted child development; extreme criminality; and vanishing jobs

Microsoft cofounder turned billionaire philanthropist Bill Gates is a self-professed optimist when it comes to artificial intelligence. He's had a front-row seat to its greatest advancements and believes it will help cure diseases and address inequality.

But in a new essay published today, Gates strikes a decidedly more cautious tone: "AI will either be the greatest equalizer ever invented, or the worst source of injustice," he writes in the essay, shared with Fortune’s Eleanor Pringle ahead of publication. "The challenge is monumental."

Gates said the world's "top priority" should be ensuring AI is used as a force for good. But he continued: "Unfortunately, right now we are not preparing for it. I don’t see evidence that leaders, experts, and communities are confronting the challenges adequately. There is no plan to ease the entry into the AI era."

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