New Delhi: Zerodha founder Nitin Kamath has announced that his trade-broking company has created an internal AI policy to give clarity to the team amid AI/job loss concerns. He further explained that it will not fire anyone in the team just because they have implemented a new technology that has made the earlier work redundant.
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Recent breakthrough developments in Artificial Intelligence (AI) have forced the company to reconsider its previous views. “In 2021, we said that we have not found use cases of AI when everyone was claiming to be powered by AI without any reason. With recent breakthroughs in AI, we eventually think AI will take away jobs and disrupt society,” Nitin Kamath said in a LinkedIn post.
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In today’s capitalism, Kamath said, businesses prioritize shareholder value creation over stakeholders such as employees, customers, vendors, the country and the planet. The market encourages business leaders to prioritize profits over everything else if shareholders don’t vote them to.
Government will oppose making strict guidelines on AI
Speaking on the loss of employees due to AI growth, Kamath said, “Many companies will likely lay off employees and blame AI for it. In the process, companies will earn more and make their shareholders richer, thereby Inequality will increase further.This is not a good outcome for humanity.
Kamat further added: “While it is expected that governments around the world will put up some guardrails, it is unlikely that this can happen given the deglobalization rhetoric. No country will want to sit idle while another, more powerful one on the back of AI Lets do it.
Humans will not compete with AI
Kamath believed that “it is difficult for humans to compete with intelligent machines in many areas of life”. He said he had never done digital art, but it took him seconds to create an image of a CEO replaced by an intelligent machine in the style of Da Vinci.
“It will take a few years for us to see the real impact of AI on humanity. The financial freedom businesses should, if nothing else, owe to their teams who helped create the business time to adapt,” he said.