Billionaire investor Ken Griffin contradicts Elon Musk

Billionaire investor Ken Griffin contradicts Elon Musk

The founder and CEO of CitadelKen Griffin, expressed skepticism about the imminent replacement of human jobs by artificial intelligence, contradicting Tesla Inc. CEO Elon Musk.

What Happened: Billionaire investor Griffin shared his reservations about the future of AI at an event for Citadel’s new class of interns in New York. He questioned the potential of large language models and other AI tools to fully replicate human tasks within the next three years, reported CNBC on Monday.

“Some are convinced that within three years almost everything we do as humans will be done in one form or another by LLMs and other AI tools. For a number of reasons, I am not convinced that these models will achieve that type of breakthrough in the near future,” Griffin said.

Griffin, whose hedge fund and electronic market maker have been at the forefront of automation, highlighted the limitations of machine learning models in adapting to changes.

He pointed out that self-driving cars struggle in snowy conditions, indicating that machine-learning models perform better in consistent environments. “When the terrain changes, they have no idea what to do,” Griffin said.

Despite his skepticism about the near-term potential of AI, Griffin acknowledged the transformative power of the advanced technology in the long run. He even predicted the eventual eradication of cancer due to the rise in computing power.

Why It Matters: Griffin’s comments arrive in the context of a broader conversation about AI’s impact on employment. Musk recently predicted at the VivaTech 2024 conference in Paris that AI could lead to massive job losses. Musk suggested that in a “benign scenario,” there would be universal high income and no shortage of goods or services.

Similarly, Geoffrey Hinton, often referred to as the “Godfather of AI,” has warned about the potential for AI to cause significant job losses. Hinton has advocated for the implementation of a universal basic income to mitigate the economic impact of AI-induced job displacement.

Furthermore, Mark Cuban, a prominent investor, has suggested taxing robots to address the potential job losses caused by automation. Cuban’s proposal aligns with concerns raised by venture capitalist Marc Andreessen about the increasing use of robots in the workforce.

Despite these concerns, researchers at the Massachusetts Institute of Technology have found that the rate of job displacement by AI may be slower than expected. Their study indicates that it is not yet economically feasible for companies to replace employees with AI systems, suggesting a more gradual transformation.

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