Zerodha founder Nithin Kamath has declared that his company has formed an internal artificial intelligence (AI) policy to alleviate anxieties around job loss. Kamath said that the brokerage will not fire any employee just because their job becomes redundant due to advancements in technology. He also called for businesses with financial freedom to give their employees time to adapt to the innovations in artificial intelligence.
“We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant,” the Zerodha CEO tweeted.
We’ve just created an internal AI policy @zerodhaonline to give clarity to the team, given the AI/job loss anxiety. This is our stance:"We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant." 1/8
— Nithin Kamath (@Nithin0dha) May 12, 2023
Nithin Kamath mentioned an internal chat with Kailash Nadh, Zerodha’s Chief Technology Officer (CTO). Kamath quoted Nadh’s statement that the “immediate risk” from advancements in AI is that the “current capitalistic and economic systems will rapidly adopt AI, accelerating inequality and loss of human agency.”
Kamath also shared a screenshot of a message by Nadh in 2021 when they did not find a use case of AI in the stockbroking sector despite companies advertising that they were “powered by AI”. Kamath said that with recent advancements in technology will disrupt companies and take away jobs.
In 2021, we'd said that we hadn’t found AI use cases when everyone was claiming to be powered by AI without any AI. With recent breakthroughs in AI, we finally think AI will take away jobs and can disrupt society. 2/8https://t.co/AzQFj6XRjT— Nithin Kamath (@Nithin0dha) May 12, 2023
The founder of India’s largest stock broking company said that since firms prioritise shareholder value creation above employees, vendors, customers, the country and the Earth, the bottom line is profit over everything else. “Many companies will likely let go of employees and blame it on AI. In the process, companies will earn more and make their shareholders wealthier, worsening wealth inequality. This isn’t a good outcome for humanity,” Kamath wrote.
The Zerodha boss tweeted that it is unlikely that governments will put efforts to curtail the use of artificial intelligence since no country wants to be left behind others when it comes to technological advancements.
While the hope is for governments worldwide to put some guardrails, it may be unlikely given the deglobalization rhetoric. No country would want to sit idle while another becomes more powerful on the back of AI. 6/8— Nithin Kamath (@Nithin0dha) May 12, 2023
Giving a personal example of how humanity might not be able to compete with machines in certain fields, Nithin Kamath remarked that he could create an image of a CEO being replaced by a robot in a few seconds. The entrepreneur said that he had never tried out digital art, but was able to create the image in the style of famed Renaissance artist Leonardo Da Vinci.
It is unlikely that humans will be able to compete with intelligent machines in many walks of life. I have 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) May 12, 2023
Kamath said that it will take a few years before the complete effect of AI on humanity is understood. He asked companies with financial freedom to give their business teams time to adjust to the changes in technology.
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