Sygnia’s Magda Wierzycka sparks fierce debate after saying AI adds zero value

Concerns raised by Sygnia Asset Management CEO Magda Wierzycka about artificial intelligence have triggered renewed debate about whether the technology truly benefits society.

Wierzycka recently told a conference she believed artificial intelligence “adds zero value to the world”, a view that drew strong pushback from technology commentator Professor Steven Boykey Sidley.

Sidley said the claim that AI has no value is simply wrong.

“It’s already discovered new science, it’s already discovered new drugs, it’s already powered schools that give better educational outcomes to children,” Sidley said.

“There are too many instances to actually list.”

AI promises breakthroughs

Sidley said artificial intelligence is already pushing the boundaries of research in areas such as medicine, mathematics and healthcare.

He believes one breakthrough alone could justify the investment in the technology.

“AI is going to find a cure for cancer, whether it’s next year or the year after or in three years,” he said.

“That single one thing… will be worth the money spent.”

However, he warned that both supporters and critics of AI often exaggerate.

“I would say the proponents are praising it beyond its real manifestation, and I think at the same time the doomsayers are also exaggerating the downsides,” he said.

AI risks are still deeply concerning

Despite the potential benefits, Sidley acknowledged serious risks associated with artificial intelligence.

He said misinformation created with AI tools is becoming increasingly difficult to detect.

“There are now programs that can generate videos which we can’t tell were not human-made,” he said.

“All videos that you see online… we must take the position that they are false until proved otherwise.”

Another major concern is the rise of autonomous weapons.

Sidley said early examples have already appeared in conflicts in Ukraine, Gaza and Iran.

“When I think about them hard enough, it causes me to want to turn into a foetal position at the bottom of my bed,” he said.

Fears over jobs and creative industries

Artificial intelligence is also raising concerns about job losses, particularly in creative and language-based professions.

Sidley said translators are already being displaced as AI systems improve their ability to convert text between languages.

However, he believes creative arts may prove harder for AI to dominate.

“The great works of literature and music and dance… require a nuanced novelty that is very difficult to describe in a training session for AI,” he said.

“I’m more confident that in those arts humans remain in the top position.”

AI debate likely to intensify

The debate over artificial intelligence continues to divide experts, investors and the public.

While some warn of severe risks, others believe the technology’s long-term benefits could be transformative.

For now, Sidley says both optimism and fear are justified as the world grapples with the rapid rise of AI.

For more details, listen to Sidley on CapeTalk’s Afternoon Drive with John Maytham using the audio player below: