AI Insights: November 17, 2023 - Regulatory Trends and Societal Impacts

November 17, 2023

Explore the key AI developments on November 17, 2023, from evolving regulatory frameworks to the societal impacts of AI technology. Get insights into the future of AI in financial markets and its broader implications on human interaction and intelligence.

Latest in AI: Regulations and Societal Impact - November 17, 2023

November 17, 2023, marks a significant day in the world of Artificial Intelligence, highlighting important regulatory changes and societal impacts. Let’s explore these developments in detail.

AI in Financial Markets: Regulatory Focus

With AI's growing role in financial markets, regulatory attention is increasing, especially from the SEC. AI applications like robo-advisers and algorithmic trading are revolutionizing financial services but also pose new risks. Broker-dealers and investment advisers are urged to reassess their compliance programs to address these AI-related risks effectively. For more information, read the full article.

Understanding AI: From Expert Systems to Deep Learning

The evolution of AI has transitioned from 'expert systems' of the 1980s to advanced machine and deep learning models. While expert systems rely on a programmed knowledge base, modern AI, particularly deep learning, operates with less human intervention, analyzing large datasets to optimize outcomes. Learn more about this here.

AI's Limitations and the Journey Toward General Intelligence

Despite advancements, current AI technology is primarily 'artificial narrow intelligence' (ANI), capable of performing specific tasks. The journey towards 'artificial general intelligence' (AGI), where AI can perform any intellectual task a human can, is still in progress, with the aim of eventually achieving 'artificial superintelligence'. Further details are available in this article.

The Foley & Lardner LLP article titled "Artificial Intelligence, the SEC, and What the Future May Hold" provides insightful information on the limitations of current AI technology and its progression towards more advanced forms. The article explains that current AI is mainly limited to artificial narrow intelligence (ANI), meaning it is designed to perform specific tasks with increased proficiency. For example, OpenAI's ChatGPT, a generative multimodal model, is primarily focused on producing natural language responses but can occasionally yield unreliable results.

Furthermore, the article touches upon the pursuit of artificial general intelligence (AGI), where AI systems would be capable of accomplishing any intellectual task that a human can perform. Beyond AGI, there's the concept of artificial superintelligence, where AI could potentially surpass human intelligence. The article reflects on the idea that the generative AI models of today might seem primitive in comparison to future developments.

This evolution of AI from ANI to AGI and possibly to artificial superintelligence poses both exciting and challenging possibilities for the future, particularly in how these technologies are developed, managed, and regulated.

For a deeper exploration of these topics, the full article can be read at Foley & Lardner LLP​​.

President Biden's Executive Order on AI

President Biden's Executive Order on AI outlines a comprehensive approach to regulating AI across various sectors. It emphasizes the need for coordinated federal involvement and sets the stage for upcoming regulatory guidance from multiple agencies. Read more about this order here.

AI's Societal Impact: Efficiency vs. Human Development

AI's integration into daily life offers efficiencies, like quick responses from chatbots and accelerated language learning. However, it also raises concerns about human intelligence and creativity, potentially leading to dependency on AI tools and stifling human problem-solving skills. Explore this impact further in this Nation article.

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