Regulating artificial intelligence (AI) should be based on real market failures and a thorough cost-benefit analysis, as over-regulating AI could hinder its potential benefits and put the US at a disadvantage in the global race for AI leadership.
Spending on AI could boost GDP and productivity, while also potentially raising interest rates in the coming years.
The United Kingdom plans to spend £100 million on computer chips for artificial intelligence (AI) systems to establish itself as a global leader in the industry, although experts believe the investment might not be sufficient to compete with other nations.
The UK government has been urged to introduce new legislation to regulate artificial intelligence (AI) in order to keep up with the European Union (EU) and the United States, as the EU advances with the AI Act and US policymakers publish frameworks for AI regulations. The government's current regulatory approach risks lagging behind the fast pace of AI development, according to a report by the science, innovation, and technology committee. The report highlights 12 governance challenges, including bias in AI systems and the production of deepfake material, that need to be addressed in order to guide the upcoming global AI safety summit at Bletchley Park.
AI has garnered immense investment from venture capitalists, with over $40 billion poured into AI startups in the first half of 2023, raising concerns about who will benefit financially from its potential impact.
Northern Ireland has the potential to become a testing ground for artificial intelligence (AI) in the UK, with Belfast-based IT firm Kainos leading the way by investing £10m in the development of generative AI technology; experts believe that more companies in the region will follow suit. The head of The Software Alliance described this investment as a "super statement of intent" and believes that Northern Ireland could be a strong hub for AI research and innovation. The region already has clusters of research in various AI fields, including cybersecurity, medicine, robotics, and economics.
A survey of 213 computer science professors suggests that a new federal agency should be created in the United States to govern artificial intelligence (AI), while the majority of respondents believe that AI will be capable of performing less than 20% of tasks currently done by humans.
Russian President Vladimir Putin has ordered government funding for artificial intelligence research in order to compete with the West in developing AI technology, including optimizing machine learning algorithms and creating large language models.
The global AI market is projected to reach $2 trillion by 2030, with companies like Amazon and Meta Platforms making significant investments in AI to drive growth and diversify their offerings.
Imbue, an AI research lab, has raised $200 million in Series B funding to develop AI systems that can reason and code, with the aim of building practical AI agents that can accomplish larger goals and work safely in the real world.
Countries around the world, including Australia, China, the European Union, France, G7 nations, Ireland, Israel, Italy, Japan, Spain, the UK, the UN, and the US, are taking various steps to regulate artificial intelligence (AI) technologies and address concerns related to privacy, security, competition, and governance.
AI has the potential to fundamentally change governments and society, with AI-powered companies and individuals usurping traditional institutions and creating a new world order, warns economist Samuel Hammond. Traditional governments may struggle to regulate AI and keep pace with its advancements, potentially leading to a loss of global power for these governments.
The European Union plans to allow startups access to its high-performance computing supercomputers for training AI models, but only if they comply with the bloc's AI governance program.
The United States and China lead in AI investment, with the U.S. having invested nearly $250 billion in 4,643 AI startups since 2013, according to a report.
Ernst & Young has invested $1.4 billion in AI technologies and launched a new AI-powered platform, EY.ai, to help organizations adopt AI and unlock economic value responsibly.
European Union President Ursula von der Leyen announced a new initiative to provide expedited access to European supercomputers for AI startups, while also calling for the establishment of a global framework for AI governance during her State of the Union address.
Spain has established Europe's first artificial intelligence (AI) policy task force, the Spanish Agency for the Supervision of Artificial Intelligence (AESIA), to determine laws and provide a framework for the development and implementation of AI technology in the country. Many governments are uncertain about how to regulate AI, balancing its potential benefits with fears of abuse and misuse.
Eight new technology companies, including Adobe, IBM, Nvidia, Palantir, and Salesforce, have made voluntary commitments on artificial intelligence (AI) to drive safe and secure development while working towards comprehensive regulation, according to a senior Biden administration official. The commitments include outside testing of AI systems, cybersecurity measures, information sharing, research on societal risks, and addressing society's challenges. The White House is partnering with the private sector to harness the benefits of AI while managing the risks.
A bipartisan group of senators is expected to introduce legislation to create a government agency to regulate AI and require AI models to obtain a license before deployment, a move that some leading technology companies have supported; however, critics argue that licensing regimes and a new AI regulator could hinder innovation and concentrate power among existing players, similar to the undesirable economic consequences seen in Europe.
Representatives from several countries and companies announced commitments to harness the power of artificial intelligence (AI) to advance progress in achieving the United Nations' Sustainable Development Goals (SDGs) during a ministerial side event at the United Nations' 78th Session High Level Week. These commitments focused on using AI to address issues related to health, education, food security, energy, and climate action, with an emphasis on inclusive and responsible governance of AI.
President Biden has called for the governance of artificial intelligence to ensure it is used as a tool of opportunity and not as a weapon of oppression, emphasizing the need for international collaboration and regulation in this area.
Governments worldwide are grappling with the challenge of regulating artificial intelligence (AI) technologies, as countries like Australia, Britain, China, the European Union, France, G7 nations, Ireland, Israel, Italy, Japan, Spain, the United Nations, and the United States take steps to establish regulations and guidelines for AI usage.
The United Nations is considering the establishment of a new agency to govern artificial intelligence (AI) and promote international cooperation, as concerns grow about the risks and challenges associated with AI development, but some experts express doubts about the support and effectiveness of such a global initiative.
Goldman Sachs predicts that artificial intelligence (AI) could add $7 trillion to the global economy over the next decade, leading to a massive increase in spending on hardware and software related to AI, making companies like Nvidia and Microsoft potential winners in the market.
