Zerodha’s founder, Nithin Kamath, made an announcement that the company will not terminate any employee because of AI. Kamath tweeted, “We will not dismiss any member of the team just because we have implemented a new technology that makes a previous job redundant.” In a thread, he elaborated that the company had not believed in the potential of AI taking over human jobs for almost two years, but now the company thinks that AI will take away jobs and could disrupt society.
Kamath further cautioned that many companies will replace humans with AI, and in doing so, companies will earn more, make their shareholders wealthier, and exacerbate wealth inequality, which is not favorable for humanity.
As AI continues to rise, influential leaders are calling for regulations from various governments and policymakers that could control its growth and make it systematic. This even led to an open letter by Elon Musk and several other tech leaders worldwide.
Regarding regulations, Kamath said, “Although governments worldwide hope 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.”
Kamath believes that the real impact of AI will not be seen immediately, and it will take a few years. He said, “Businesses with financial freedom should, if nothing else, give their teams that helped build the business time to adapt.”
In January, Nikhil Kamath, a co-founder of Zerodha, was asked about the potential of AI on the sidelines of the BT Market Summit. He then said, “An AI takeover is unlikely, especially in markets as markets run on sentiments more than algorithms.”
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