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Unlocking the Potential of AI: European Regulations, Surveys, and the Economic Impact
News of the week
This week in the world of Machine Learning, the European Parliament has passed new AI legislation, the AI Act, which aims to regulate the use of AI in a trustworthy and ethical way. The law proposes bans on invasive and discriminatory AI and introduces obligations for providers and users of AI systems. However, there are concerns that heavy-handed legislation could hinder progress and impact innovation. Meanwhile, a survey by Microsoft's GitHub found that 92% of programmers are using AI tools in their workflow, with benefits reported by 70%.
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GitHub Survey Finds 92% of Programmers Are Using AI Tools
A survey by Microsoft's GitHub found that 92% of programmers are using AI tools in their workflow, with benefits reported by 70%. However, code volume may not be the best metric to measure productivity with these tools. In addition, Stack Overflow has seen a drop in traffic as programmers use ChatGPT, the viral chatbot from OpenAI, for immediate solutions. While AI can make tasks easier or non-existent, nearly 4,000 jobs were lost in May due to AI.
European Parliament ready to pass landmark AI legislation
The European Parliament has passed a new law called the AI Act that aims to regulate the use of artificial intelligence in a trustworthy and ethical way. It proposes bans on invasive and discriminatory AI and introduces obligations for providers and users of AI systems. Negotiations on the final details of the law are set to begin soon. This is a major step towards ensuring that AI is used in a way that benefits society while protecting human rights.
EU officials pass draft law to regulate AI and ban facial recognition systems
The European Union has passed a draft law called the AI Act to regulate the use of artificial intelligence systems, banning real-time and remote biometric systems and prohibiting devices that exhibit cognitive behavioral manipulation. High-risk technologies will need to be registered in an EU database and generative AI companies will have to disclose any content generated by AI. The law is expected to be passed later this year.
Discrimination bigger concern from AI than human extinction, says EU chief
The EU's competition chief, Margrethe Vestager, warns that the use of AI for loans and mortgages poses a risk of discrimination and stresses the need for "guardrails" to counter the technology's risks. The European Parliament approved proposed AI rules, categorising applications of AI into levels of risk to consumers, with AI-enabled video games or spam filters falling into the lowest risk category. Vestager believes that AI's potential to amplify bias or discrimination, contained in vast amounts of data sourced from the internet, is a more pressing concern than human extinction.
AI Is Set to Generate $90 Trillion By 2030 -- 3 AI Stocks Investors Can Buy Now
Investors interested in benefiting from the AI revolution may want to consider buying stocks in MongoDB, a cloud-native database specialist, and Splunk, a data analysis software company. MongoDB's scalable and distributed database design is expected to benefit from the increasing adoption of AI, while Splunk deploys advanced machine learning models to analyze machine data. Pinterest, an AI-powered social media company, is focusing on increasing engagement and monetization per user. All three companies have reported positive Q1 fiscal results and show potential for future growth in the AI industry.
Europeans Take a Major Step Toward Regulating AI
Europe is taking steps towards regulating artificial intelligence (AI), with the European Parliament proposing new rules and restrictions on the riskiest uses of AI, such as facial recognition software. The law is expected to be finalized later this year and will categorize AI systems into different risk categories. While some commenters warn about heavy-handed legislation hindering progress, others stress the importance of protecting individual rights and product safety. The debate on AI regulation continues, with concerns about the impact on innovation and the difficulty in enforcement.
Microsoft's Satya Nadella Is Betting Everything on AI
Microsoft CEO Satya Nadella is recognized for his leadership and adoption of AI. Microsoft partners with OpenAI to enter the new AI boom, integrating generative AI into many of its products. Copilot, an AI tool that automates coding elements, impresses the developer world. The article discusses the potential dangers of artificial intelligence (AI) and the responsibility of humans to ensure it does not become out of control. The article also mentions the issue of LLMs (language models) having hallucinations and the need to address this problem. Microsoft CEO Satya Nadella believes that virtual presence, mixed reality, quantum computing, and AI are the ultimate technologies to watch out for.
AI-powered church service in Germany draws a large crowd
A Lutheran church in Germany held an experimental service led by an AI-powered chatbot that generated text for a 40-minute sermon delivered by avatars on a screen above the altar. The service received mixed reactions, with some finding the lack of emotion and monotonous speech off-putting, while others were positively surprised by how well it worked. The church's pastor sees AI as a tool to assist religious leaders in sermon ideas and expediting the writing process, but there are concerns about relying on AI for spiritual guidance and potential novel interpretations of religious doctrine.
McKinsey Report Finds Generative AI Could Add Up To $4.4 Trillion a Year To the Global Economy
McKinsey and Company have released a report suggesting that generative AI could add $4.4tn per year to the global economy by automating work activities and freeing up the creative potential of employees. However, the report also warns that investment in research, development, and infrastructure will be required for the adoption of generative AI. Some commenters have disputed the estimate, arguing that it could simply be replacing existing jobs and consolidating wealth among a small group of people. Additionally, there are concerns about the quality and reliability of AI-generated content, as well as the potential for AI to exacerbate societal inequality.