🔔 The EU AI Act, announced. 119 CEOs were surveyed about AI-Here are the results. Microsoft is predicting $10 billion in AI revenue.
GM, and happy Sunday! Welcome back to your weekend edition of the AIcyclopedia newsletter.
First off, happy Father’s Day to all the fathers out there! The day is all yours, so why not start off the day with some invigorating AI news?
Here’s what we’ve got for ya today:
119 CEOs were surveyed about AI- Here are the results
The EU AI Act, announced
Microsoft is predicting $10 billion in AI revenue
Google warns employees about Google Bard
AI News: The Headliners 🏁
1/ 119 CEOs were surveyed about AI. Here are the results.
The world's most powerful business executives have shared their thoughts on artificial intelligence (or lack thereof).
The cast iron is 🔥, so let’s get crackin’.
[The News] At the Yale CEO Summit, 119 CEOs participated in a survey that was released exclusively to CNN.
The statistics are as follows:
Among top business leaders, 42% are concerned that AI will "destroy humanity" over the next decade.
The breakdown?
34% of CEOs said AI could potentially destroy humanity in ten years
8% said that could happen in five years
And for the optimists…
About half (58%) of respondents stated they were "not worried" about this happening.
Looking forward… With that in mind, where do we take these numbers?
At this time, it appears that worries about the proliferation of false information and the loss of jobs are the most pressing.
When asked where they anticipate the most impact from AI, CEOs most frequently cited healthcare and professional services/IT.
2/ The EU AI Act, announced
Europe couldn’t wait any longer and has agreed on a draft version of what’s called:
The EU AI Act
[The News] As a blanket goal, the Act seeks to “promote the uptake of human-centric and trustworthy artificial intelligence and to ensure a high level of protection of health, safety, fundamental rights, democracy, the rule of law, and the environment from harmful effects.”
Here is the quick bullet summary:
The Act will apply to anyone who develops and deploys artificial intelligence systems in the EU, including enterprises based outside the EU.
The level of regulation varies according to the hazards posed by a certain application, ranging from minor to "unacceptable."
If the AI is considered inappropriate, it will be prohibited immediately.
Places strong limits on "high-risk" AI applications, defined as those that pose a "serious risk to people's health, safety, fundamental rights, or the environment."
ChatGPT-like systems would be forced to declare that their content was generated by AI, distinguish deep-fake photographs from real ones, and give safeguards to prevent the development of unlawful content.
Detailed descriptions of the copyrighted data used to train these AI systems should likewise be made public.
[Why this matters] An organization that uses illegal forms of artificial intelligence could face a fine of up to €40 million ($43 million) or up to 7% of its global annual turnover, whichever is greater.
Looking forward… According to Racheal Muldoon, a litigator at London law firm Maitland Chambers, the Act may not activate until 2026, as the revision process has become parallel to the quick advancement of AI.
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AI News: The Shorts 🩳
3/ Microsoft is predicting $10 billion in AI revenue
[The News] In 2022, Microsoft was no-good in the eyes of investors.
In 2023, Microsoft’s stock hits a record high and is up 46% this year ($348.10/share) as the tech giant leads the artificial intelligence race.
[Why this matters] From backing ChatGPT to releasing Bing alongside a slew of AI-integrated products, it should come as no surprise that people are looking to Microsoft as a key player in the future of AI.
In addition, companies are choosing Microsoft’s AI infrastructure to develop and train their own models.
With that being said…
Amy Hood, the CFO of Microsoft, is confident that “the next generation AI business will be the fastest-growing $10 billion business in our history.”
4/ Google warns employees about Google Bard
[The News] Google is warning its employees about chatbots…including its own Bard.
According to Reuters, 4 individuals spoke out and said that the company is concerned with proprietary and confidential information being leaked to these chatbots.
[Why this matters] Google recently updated its privacy notice for its users, stating “Don’t include confidential or sensitive information in your Bard conversations."
Companies like Samsung and Amazon have also come out and warned or completely banned its employees from using chatbots for work purposes, as no one is clear on where the data is going or how its being used.
Why?
Well, these companies are all in the galloping race to develop proprietary AI products…
…and 1 oopsie, such as a simple line of leaked code, could compromise future product development.
Your AI News Break 🥳
AI News Tid Bits…
👉🏻 Looking for the latest AI-powered car? Look no further because Mercedes-Benz will be adding OpenAI’s ChatGPT into its car’s user experience feature. With the initial beta program being released to US owners first, beta testing will run for 3 months starting Friday, June 16th, 2023.
👉🏻 AI just made this CTO even richer. Larry Ellison, Oracle’s CTO with a 42% stake in the company, is now the 3rd richest person in the world, beating out Jeff Bezos. His updated net worth? $156.8 billion 😱
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That’s it for today!
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See you next Thursday 👋🏻
