Robinhood CEO: Human traders are safe from AI
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
If you want a job safe from AI, consider becoming a trader. Robinhood's CEO tells Axios human traders will not be replaced by AI in the foreseeable future.
Why it matters: As some tech executives say AI could unleash a white-collar bloodbath, and AI firms are racing to disrupt financial services, Robinhood's chief executive is doubling down on the enjoyment people get from trading.
What they're saying: "Traders legitimately enjoy trading…I think humans will be calling the shots," Robinhood CEO Vlad Tenev tells Axios.
- His comments come after a record earnings quarter for Robinhood. Its revenue jumped 45% year-over-year and total assets on the platform nearly doubled to $279 billion.
- Innovation, from the firm's focus on crypto offerings to AI, is a key part of Robinhood's growth story.
The big picture: AI providers are racing to get into financial services, which is expected to be among the top industries disrupted by AI.
- Anthropic recently launched a partnership with KKR, Bridgewater and several other financial services firms and data providers to provide real-time markets analysis.
- OpenAI provides its own suite of tools for enterprises, including Morgan Stanley.
Be smart: "The best analysts often are the people that use AI the most and so they're kind of getting an edge," says George Sivulka, CEO of Hebbia, an AI platform for finance.
- Sivulka argues that AI could create more analyst jobs because "there's more edge to be found using these tools."
Zoom in: Robinhood already offers its own suite of AI tools to investors.
- Paid subscribers to Robinhood Gold receive access to Cortex, an AI-powered market insights provider that tells you what is driving stock performance.
- Options traders have access to an AI tool that "can help them actually put the contracts together…and simplify the process," Tenev says.
The bottom line: While the human element may remain vital, AI tools, like the ones that Robinhood offers, could define the next generation of investing.
