Tech leaders discuss whether AI could end the world; And, young people don't believe in democracy

Market Watch

• Indian benchmark indices ended the day in the green, with the Sensex increasing 319.63 points at 67,839 and the Nifty gaining 89 points at 20,192.
• Sectorally, Nifty Oil & Gas (-0.75%) and FMCG (-0.48%) shed the most, while Auto (+1.58%) and IT (+0.94%) gained the most.

Four things:

• Yatra Online’s IPO, valued at Rs 775 crore , is set to open for subscription today.
• The Nifty Auto index has surpassed the Nifty 50 index performance , rebounding after four years due to rising demand and better margins.
• ICICI Securities says the Nifty 50’s RoE has exceeded 15% for the first time in ten years, signaling a move into the value-creation zone.
• ONGC and Reliance Industries are locked in a court battle over alleged gas migration fraud worth $1.7 billion .

Does AI pose a civilisational risk? Tech CEOs weigh in at closed-door meeting in Washington

Tesla CEO Elon Musk called for the establishment of a federal agency to regulate AI at a closed-door Capitol Hill summit involving several high-profile tech leaders.

The context: The summit, aimed at discussing future AI regulations ,?was closed to the press and attended by influential tech figures like Musk, Mark Zuckerberg, Bill Gates, Sundar Pichai, and OpenAI CEO Sam Altman, as well as leaders from labour and human rights groups

What they’re saying:?Musk stated, “The question is really one of civilisational risk. It’s not like … one group of humans versus another. It’s like, hey, this is something that’s potentially risky for all humans everywhere ... There is some chance that is above zero that AI will kill us all. I think it’s low. But if there’s some chance, I think we should also consider the fragility of human civilisation.“

• Meta CEO Mark Zuckerberg said, “This is an emerging technology, there are important equities to balance here, and the government is ultimately responsible for that ... Now, if at some point in the future these systems get close to the level of superintelligence, then these equities will shift and we’ll reconsider this approach.”
• ?OpenAI’s Sam Altman said regulatory intervention by governments would be “critical” to prevent and mitigate negative impacts of AI. “I think people all agreed that this is something that we need the government’s leadership on.”
• Google chief Sundar Pichai called the event “productive,” and stressed the need for the government to balance the “innovation side and building the right safeguards.”

Of note: The event marked the beginning of a series of AI Innovation forums — closed-door meetings where lawmakers can collaborate with tech leaders in order to build a foundation for bipartisan AI policy.

The other side: Some lawmakers across the political spectrum criticised the event for its private nature and for potentially enabling regulatory capture by allowing tech giants to shape the nature of AI regulation.?

• Furthermore, some tech leaders like Marc Andreessen argue that AI regulation would stifle innovation in a technology that can help the world , and promote regulatory capture.?

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Young people are increasingly losing confidence in democracy: Soros poll

A recent?global survey ?by George Soros’ Open Society Foundations (OSF) shows that younger people increasingly believe that democracy is incapable of addressing their key concerns , such as poverty, inequality, and climate change.

• The survey involved 36,000 people across 30 countries and found that 42% of the 18-35 age group expressed support for military rule, and 35% of them believe that leaders who don’t bother with parliaments or elections are a good way of running a country.

In India, a striking 60% of respondents supported the idea of military rule as a viable means of governance, and 53% believed that having a leader who disregards parliaments and elections is an effective approach to running the country.

• In contrast, Pakistan, a nation with a history of multiple military regimes, only had 33% of respondents in agreement with the notion of military or autocratic leadership, which bypasses parliamentary and electoral processes.
• In China, 42% expressed a preference for military rule, while 39% showed support for leaders uninterested in parliamentary and electoral systems.
• Many Western countries viewed authoritarian rule as unfavourable, with only 29% and 27% of respondents in the USA and Russia, respectively, wanting military rule.?
• On the other hand, in Ukraine, where?the President recently postponed elections until the end of the war , 40% of respondents favored military rule, while 41% expressed support for a leader who disregards parliaments and elections.

The big picture:?The survey’s findings indicate a generational divide in the perception of democracy’s efficacy.

Image credits: Open Society Barometer: Can Democracy Deliver?

Of note:?The poll demonstrated overwhelming support for the principle that discrimination based on appearance, religion, sexual, or gender identity is wrong, with approval ratings between 85% and 95% across all age and income groups.

Between the lines: While there could be myriad reasons to explain this, some possible factors at play could be high levels of youth unemployment and economic inequality that are driving perceptions of economic exclusion .

• The failure of politics to keep up with technology, combined with the rising popularity of online media channels, could also contribute to young people’s feeling of alienation from traditional democratic institutions .

ICYMI

• Hunter Biden, the son of US President Joe Biden, has been indicted for illegally buying guns while on drugs back in 2018.
• US officials believe China’s defense minister, who ‘disappeared’, has been stripped of his post and is under investigation for corruption .
• The EU has launched an investigation into China’s subsidies for its EV industry , which could potentially spark a trade war.
• NASA has released the long-awaited report on its probe into hundreds of UFO sightings. Read more about the key findings.
• India and Saudi Arabia are intensifying efforts to expedite a proposed mega refinery project in Maharashtra’s Konkan belt.
• US auto workers have initiated a historic strike against industry giants General Motors, Ford, and Stellantis.
• The Indian government plans to mandate support for the homegrown navigation system NavIC in all smartphones and cars.
• IT giant Infosys is the only Indian company to be ranked in the top 100 of TIME’s ‘World’s Best Companies of 2023’ list.
• Which states pay the highest and lowest salaries to MLAs?