Artificial Intelligence (AI) is one of the most transformative technologies of our time, capable of solving complex problems, automating mundane tasks, and making our lives easier. However, it is also a technology that poses a significant risk to society, national security, and the economy. In this context, US President Joe Biden has called on tech firms to ensure their AI products are safe before releasing them to the public.
The Potential of AI
In a meeting of the President’s Council of Advisors on Science and Technology (PCAST), President Biden highlighted the potential of AI in addressing critical issues such as disease and climate change. He also noted the importance of addressing potential risks to society and the economy associated with the technology.
The Need for AI Safety
President Biden stressed that tech companies have a responsibility to ensure their AI products are safe before releasing them to the public. He also expressed concerns about the harm that powerful technologies can do without the right safeguards, as demonstrated by social media’s impact on mental health and self-image, especially among young people.
The Call for Privacy Legislation
President Biden reiterated his call for Congress to pass bipartisan privacy legislation to limit personal data that technology companies collect, ban advertising targeted at children, and prioritize health and safety in product development.
The Market Impact
Shares of companies that employ AI dropped sharply before President Biden’s meeting, including AI software company C3.ai, Thailand security firm Guardforce AI, data analytics firm BigBear.ai, and conversation intelligence company SoundHound AI.
AI and Regulation
AI is becoming an increasingly contentious topic among regulators and policymakers. The tech ethics group Center for Artificial Intelligence and Digital Policy has asked the US Federal Trade Commission to stop OpenAI from issuing new commercial releases of GPT-4, which has both wowed and appalled users with its human-like abilities to generate written responses to requests. Democratic US Senator Chris Murphy has also urged society to pause and consider the ramifications of AI.
Last year, the Biden administration released a blueprint “Bill of Rights” to help ensure users’ rights are protected as technology companies design and develop AI systems. In Europe, Italy has already blocked OpenAI’s ChatGPT due to privacy concerns, while Germany is reportedly considering a ban on the AI chatbot.
AI is a transformative technology that has the potential to solve some of society’s most pressing problems. However, it also poses significant risks that must be addressed before its widespread adoption. The responsibility for ensuring safe and ethical AI falls on the tech industry and policymakers alike.
Conclusion
President Biden’s call for tech firms to make AI safe for society highlights the importance of addressing the potential risks associated with the technology. The impact of AI on society, national security, and the economy must be carefully considered, and adequate safeguards must be put in place to protect against harm. As the debate around AI regulation continues, it is essential to prioritize privacy, security, and user rights to ensure that AI is used to benefit society as a whole.
COMMENTS
When share prices for AI companies drop down and they will soon especially if/when other countries will start doing what Italy did, then it will be a great time to buy. Just putting it out there.
I’m counting on it. I bought a few shares before Biden’s meeting when prices were lower on some good companies and will continue to buy when prices go lower. I’m investing for years to come and I think share prices will grow exponentially in this particular field.