AI Where to From Here?
As we enter 2023, the tech industry is at a crossroads where experimentation, debate, and regulation are prevalent. One of the key drivers of change is artificial intelligence (AI), which is experiencing a breakthrough in its potential applications. However, AI's development is also facing economic headwinds, as evidenced by the financial struggles of several tech giants.
In the EU, privacy and data protection regulations are becoming more stringent, and organisations that violate these laws can expect hefty fines. However, the extent to which these regulations will impact organisations' revenues and profitability remains unclear, particularly with the challenges posed by targeting audiences with less available data. Consequently, tech organisations must adjust their behaviour to ensure citizens feel safe and unobserved online.
The European market is a critical component of tech giants' future products and services. Losing an approximate market share of 20-30% is not a viable option, especially given the decline in revenue and the threat of layoffs. Twitter and Elon Musk's recent cost-cutting measures highlight the difficulties that tech millennials face, contrasting sharply with the high salaries of programmers lured to San Francisco headquarters in the past.
One of the most significant developments in the AI space is ChatGPT, a language model developed by OpenAI, of which Musk is a part. ChatGPT's potential for language recognition, speed, and accuracy is undeniable. However, moral and ethical issues must be considered, such as authenticity verification of student work and copyright questions. Additionally, legal practitioners must be aware of the risks of over-reliance on ChatGPT and other AI chatbots. These risks include overestimating legal knowledge, content hallucination, potential bias, confidentiality, and legal professional privilege.
The EU has been working on the AI Act for some time, which will apply to every AI application used in Europe. Developers ought to carefully study and incorporate the current framework into their projects, particularly the tech giants. It is essential to consider the long-term consequences of AI development for society and the legal and ethical frameworks that govern it.
In conclusion, AI's potential for breakthrough applications is exciting, but it is crucial to balance this with strict privacy and data protection regulations. Tech giants cannot afford to ignore EU regulations, given the European market's importance for future products and services. The development of AI has far-reaching consequences, and developers and regulators must work together to ensure that it is used ethically and within the framework of the law.