Ken Griffin spoke with Citadel and Citadel Securities interns in a discussion moderated by Citadel software engineer and former intern Bharath Jaladi.
Courtesy: Castle
Citadel founder and CEO Ken Griffin said he remains skeptical that artificial intelligence will soon make human jobs obsolete because he has seen flaws in the application of machine learning models in some scenarios.
“With the rise of large-scale language models, we are at what is widely considered a true inflection point in technological evolution. Some believe that within three years, almost everything we do as humans will be dominated by LL.M.s of one kind or another. form completion and other artificial intelligence tools,” Griffin said Friday at an event in New York for Citadel’s new class of interns. “For a number of reasons, I don’t believe these models will achieve this breakthrough in the near future.”
The rapid rise of artificial intelligence has the world thinking about its far-reaching impact on society, including technology-induced layoffs. Tesla CEO Elon Musk is among those who have repeatedly warned of the threat artificial intelligence poses to humanity. He called artificial intelligence “more dangerous” than nuclear weapons and said there would be a day when “we won’t need to work.”
Griffin, whose hedge funds and electronic market makers have been at the forefront of automation, said machine learning tools do have their limitations in adapting to change.
“Machine learning models don’t perform well in a regime-changing world. Self-driving cars don’t perform well in the north because of the snow. When the terrain changes, they don’t know what to do,” Griffin said. “Machine learning models perform better when there is consistency.”
Still, the billionaire investor believes that in the long run, the power of advanced technology cannot be ignored, and he even believes that cancer will one day be eradicated as a result.
“The rise of computing power is allowing us to solve all kinds of problems that were simply unsolvable five, 10, 15 years ago,” Griffin said. “This is going to fundamentally change health care. We’re going to eliminate cancer in your lifetime.” ”
The CEO said Citadel has long taken recruiting seriously and has not hesitated to hand over responsibilities to younger employees and even interns.
The company’s internship program has become one of the most competitive in the country. More than 85,000 students applied for about 300 positions this year, with an acceptance rate of less than 0.5%, lower than the acceptance rate in 2018 Harvard University and MIT.
“The people we hire today will be leaders of Citadel in just a few years, not 30 or 40 years from now,” Griffin said.
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