Zerodha CEO Nithin Kamath said that it took his team just about 30 minutes to “integrate commoditized ChatGPT, see tangible benefits, and realize that more than 20% of jobs could be automated”.
“We did an experimental GPT-4 integration at work in about ~30 minutes, with GPT-4 generating the code to integrate itself, of course. The results were instant and freakishly good with quantifiable benefits. It took little time to identify multiple processes and business functions that could benefit from the same tool. Right tool for the right job. It required no training, no academic R&D, and definitely no nonsensical “powered by AI / ML” marketing… Soon after, we figured that if we were to push a bit harder, just LLM based automation could directly obsolete 20% or more jobs at Zerodha across departments in no time,” said Zerodha CTO, Kailash Nadh in a blogpost that was linked in Nithin Kamath’s tweet.
Internal AI policy at Zerodha: No job loss because of AI
“We’ve just created an internal AI policy Zerodha 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,” the Zerodha founder tweeted on 12 May. Continuing in the same thread, Kamath tweeted, “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.”
Kamath argued that AI is not inherently dangerous, but that it could be used to further the interests of those who already have power and wealth. He pointed out that businesses in a capitalist system are incentivized to maximize profits, and that this could lead to AI being used to automate jobs and replace workers. This, in turn, could lead to increased unemployment and inequality.
“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 said.
Kamath called on businesses and governments to use AI responsibly. Governments should put in place regulations to ensure that AI is used for good and not for harm, although he does not believe that it is likely. He suggested that businesses should give their employees time to adapt to new technologies and that they should focus on creating jobs that cannot be automated.