AI will potentially replace some human jobs - Zerodha CEO, Nithin Kamath

As generative AI tools like ChatGPT and Bard continue to be popular, many fear the scope of job losses will increase in the coming months (could even be weeks). Several CEOs of technology companies have claimed that next-generation artificial intelligence tools could be an enabler, and users will have to adapt. Amid global layoffs, Nithin Kamath, CEO of online investment firm Zerodha, says his company wouldn't "lay someone off" just because they "implemented a new piece of technology that makes previous work redundant." However, the CEO of Zerodha remains wary of the technology and hopes that governments around the world put in some security measures as it can replace some human jobs.

Kamath spoke about AI regarding Zerodha in a series of tweets. He suggests that there is an "AI/job loss anxiety" among people due to the growing popularity of ChatGPT, Bing, and Bard. The Zerodha CEO assures that his employees would not be impacted by AI, though fears that newer technologies can "take away jobs and can disrupt society."

He believes that current economic and capitalist systems would rapidly embrace AI, accelerating inequality and the loss of human agency. This is because many large companies are driven by the sentiments of shareholders rather than stakeholders (employees, customers, and suppliers).

"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," he adds.

In another tweet, Kamath also exhibited the power of generative AI with an AI-generated image. Today, various platforms can help users to create AI images with simple text prompts. Some of the famous websites include Dall-E, Bing Image Creator, and Midjourney. Kamath writes: "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."

Zerodha's CEO suggests governments should intervene with rules and regulations around AI. OpenAI CEO Sam Altman has repeatedly made a similar statement. His company manages developments around ChatGPT. Google CEO Sundar Pichai and Microsoft CEO Satya Nadella have suggested that the creation and use of AI technologies should be more responsible. Both companies try their best to win the AI race with Bing Chat and Bard. Google Bard was recently released globally for all users for free.