SEC Cautions Against AI Washing Hype and Fraud
• The SEC warns against "AI washing", where companies fraudulently claim AI capabilities to take advantage of hype and increase valuations
• Regulators have sounded alarms about using "AI" for fraudulent marketing tactics before
• "AI" is a vague, catchall term that doesn't convey real meaning to tech experts working in subfields like machine learning
• We've seen similar tactics in the 1990s dot-com bubble, when companies slapped on ".com" to seem cutting-edge
• Anxiety over AI's societal impacts abounds, but hype and investment continues unabated, creating risks of overpromising and monocultures