Last Update: May 12, 2023, 2:08 pm IST
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Kamath said it will take a few years to understand the full impact of AI on humanity.
Zerodha founder Nitin Kamath has announced that his company has put in place an internal artificial intelligence (AI) policy to ease job loss concerns. Kamath said the brokerage will not lay off any employee just because their job becomes redundant due to advancements in technology. He also called for businesses with financial independence to give their employees time to adapt to innovations in artificial intelligence.
“We will not fire anyone from the team just because we have implemented a new technology that makes the previous job redundant,” tweeted the Zerodha CEO.
We just created an internal AI policy @zerodhaonline To give clarity to the team considering AI/job loss concerns. This is our stance: “We will not fire anyone on the team just because we have implemented a new technology that makes previous work redundant.” 1/8
— Nithin Kamath (@Nithin0dha) 12 May 2023
Nitin Kamath recounts an internal conversation with Kailash Nad, Chief Technology Officer (CTO) of Zerodha. Kamath quotes Nad’s statement that the “immediate risk” from advances in AI is that “current capitalist and economic systems will increasingly adopt AI, leading to an acceleration of inequality and a loss of human agency.”
Kamath also shared a screenshot of a message from Naad in 2021, when he did not find a use case for AI in the stockbroking sector, while companies advertised that they were “powered by AI”. Kamath said that recent advances in technology will disrupt companies and take away jobs.
In 2021, we said we didn’t find use cases for AI when everyone was claiming to be powered by AI without AI. With recent breakthroughs in AI, we end up thinking AI will take away jobs and disrupt society. 2/8https://t.co/AzQFj6XRjT— Nithin Kamath (@Nithin0dha) 12 May 2023
The founder of India’s largest stock broking company said that since companies prioritize shareholder value creation above employees, vendors, customers, country and the earth, the bottom line is profit over everything else. “Many companies will likely lay off employees and blame it on AI. In the process, companies will earn more and make their shareholders wealthier, worsening wealth inequality. This is not a good outcome for humanity,” Kamath wrote.
Zerodha Boss tweeted that it is unlikely that governments will make efforts to reduce the use of artificial intelligence as no country wants to lag behind others in terms of technological advancement.
While it is expected that governments around the world will put up some guardrails, it is unlikely that this can happen given the globalization rhetoric. No country would like to sit idle while the other becomes more powerful on the strength of AI. 6/8- Nithin Kamath (@Nithin0dha) 12 May 2023
Giving a personal example of how humanity may not be able to compete with machines in some areas, Nitin Kamath remarked that he could image a CEO being replaced by a robot in a few seconds. The entrepreneur said he had never tried digital art, but was able to create the image in the style of the famous Renaissance artist Leonardo da Vinci.
It is unlikely that humans will be able to compete with intelligent machines in many areas of life. I’ve never done digital art, but it took me a few seconds to create this image of a CEO being replaced by an intelligent machine in the style of Da Vinci. 😬 7/8 pic.twitter.com/g1vPZIpZM6— Nithin Kamath (@Nithin0dha) 12 May 2023
Kamath said it will take a few years to understand the full impact of AI on humanity. He asked companies with financial freedom to give their business teams time to adjust to changes in technology.
