According to Nithin Kamath, the corporation now anticipates that AI will eliminate employment despite having been sceptical about it for over two years.
The CEO of online trading business Zerodha, Nithin Kamath, announced on social media that the company has developed an internal artificial intelligence (AI) policy to provide clarity to the team in light of the growing concern among people about technology displacing employment.
It was said in a tweet by Kamath that “We are not terminating anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant.”
He said in a thread that the corporation now believes that AI will displace employment and have an impact on society, almost two years after first dismissing the possibility.
The firm has been compelled to reevaluate its initial ideas in light of the most recent ground-breaking advances in artificial intelligence (AI). “In 2021, when everyone was claiming to be run by AI but had no real AI, we had said that we hadn’t found any use cases for AI. According to Nithin Kamath on LinkedIn, recent advancements in AI have given us reason to anticipate that it will eventually replace jobs and change society.
According to Kamath, under today’s capitalism, businesses put the development of shareholder wealth ahead of stakeholders including employees, consumers, suppliers, the nation, and the environment. Business executives are encouraged by the market to put profits before all other considerations until shareholders decide to remove them.
Speaking about the negative effects of the emergence of AI on workers, Kamath stated, “Many corporations would probably fire staff and blame it on AI. In the process, businesses will increase their profits and increase shareholder wealth, increasing wealth disparity. Humanity won’t benefit from this outcome.
According to Kamath, “Humans find it difficult to compete with intelligent machines in many walks of life”. He claimed to have no experience with digital art, yet it only took him a few seconds to produce the picture of a CEO being replaced by a Da Vinci-inspired intelligent computer.
Furthermore, according to Kamath, it will take a few years before the true effects of AI become apparent. Businesses that are financially secure should, at the very least, allow their founding personnel some time to adjust, he added.
Nikhil Kamath, who is also a co-founder of Zerodha, was questioned about the possibilities of AI in January outside of the BT Market Summit. The next statement he made was, “An AI takeover is not probable, particularly in financial markets as markets run on sentiments more so than algorithms.”
