Ken Griffin

Like I said, the first few sentences were really insightful.

And then it just devolved into gibberish that the average person in the field would not necessarily have known or appreciated.

Look, the internet bubble, just to go back to a time in our life that we all know well, saw some enormous misallocations of capital and also a number of really important transformative changes for the economy.

And again, I believe that this current revisiting of technology by corporate America is creating some incredible lasting value in our economy.

It's just what will be the role of generative AI in that story.

One of the large firms, I'll leave them nameless, in their advertising campaign for AI, laid out three key principles for the successful implementation of generative AI in the workplace.

And the very first point is,

was in essence, use this moment to rethink and re-architect your business processes.

That's timeless advice.

Every business has to episodically go back and re-underwrite how it does what it does to do things better.

Look, I think the AI-driven layoffs, if one may use that choice of words, number one is when businesses do go back and re-architect their processes, they realize often they can do things with fewer people, whether or not they use generative AI.

We've made a huge push in using technology at Citadel over the last several years to streamline and automate processes.

Now, we haven't had to lay people off because of that.

We're rapidly growing, so those people are put into other new areas of work for us.

But we've taken a lot of labor out of what we do each and every day in our business.

Corporate America is doing this everywhere.

The second dynamic that's happening right now is some of the labor hoarding of the pandemic era is ending.

And it's much easier to tell your employees, because of AI, we're reducing head count, than to say, because we've maintained a fair number of people on our team that we really didn't have good work for, we're reducing our workforce.

One depersonalizes a decision.

It's a technological transformation that's out of my control, and I'm sorry this is happening.