The chief executive of the retail-focused trading platform Robinhood believes that AI won’t take over industries where productivity is not the product.
Speaking in a new interview on the Full Send Podcast, Tenev draws a parallel between today’s AI debate and a moment from nearly three decades ago, when machines first proved they could outperform humans in chess.
At the time, the breakthrough was widely framed as a turning point that could diminish the relevance of human competition. But Tenev says history played out very differently.
“Back in 1996, the first AI victory over humans was Deep Blue, IBM’s AI model, AI chess model, beating Garry Kasparov. And so it was like the end of chess. It’s never going to go back.
But now the chess industry is bigger than ever. It’s like 5x bigger, three times as many grandmasters. The grand prizes are bigger than ever. Turns out nobody wants to watch AIs playing chess, even though Magnus Carlsen would get destroyed by the best chess AIs.”
According to Tenev, even if AIs and robots become better than humans across many endeavors, he believes that nobody will pay attention because people want to watch the human story.
“AIs are already better at it, but we’re not watching them. So, it’s unlikely that there’s going to be some tipping point where, ‘Oh, well, if they’re only this much better, then we’ll start watching it.’
I think it’s the human story that’s the product there.”
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