The adoption of artificial intelligence (AI) has driven huge gains in the US stock market over the past 18 months led by the greatest beneficiary of all, semiconductor company, Nvidia. The AI theme is likely to be an enduring one with winners including the biggest technology companies, as they are able to invest massive amounts of cash in this emerging technology.
Yet as AI takes the world by storm, policymakers face a significant challenge in regulating AI as innovations quickly expand and citizens across the globe demand action to ensure the rollout of AI balances the enormous opportunities touted by true believers with the real and perceived risks emphasized by the vast majority of people.
Despite these risks, big technology companies have turbocharged their efforts to develop AI models and applications. In many cases, they appear more interested in speed than safety, following the adage of “move fast and break things.” This is not surprising given the winner-takes-most nature of digital tech and AI. However, the public wants increased transparency and is demanding thoughtful regulation. However, regulators need to “skate to where the puck is going” and that is not at all clear at this point.
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