226
It is 'nearly unavoidable' that AI will cause a financial crash within a decade, SEC head says
(www.businessinsider.com)
this post was submitted on 16 Oct 2023
226 points (91.2% liked)
Technology
59578 readers
3092 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
The chair of the SEC has warned that AI could trigger a financial crisis, as Wall Street rushes to adopt the new technology.
Gary Gensler told the Financial Times that it was "nearly unavoidable" that AI would cause a financial crash as soon as the late 2020s or early 2030s, and said that reliance on models developed by tech companies could lead to economic chaos.
Wall Street banks have been enthusiastic adopters of generative AI since the splashy launch of ChatGPT last year.
Morgan Stanley launched an AI assistant based on OpenAI's GPT4 model to help employees access market information last month.
Rival JPMorgan, meanwhile, has reportedly filed a patent for an AI model known as 'IndexGPT' that would help traders choose securities to invest in.
The SEC did not immediately respond to a request for comment from Insider, made outside normal working hours.
The original article contains 326 words, the summary contains 144 words. Saved 56%. I'm a bot and I'm open source!