A lot is being said about AI. Ever since the launch of OpenAI’s sensational chatbot ChatGPT, the 'clamor' around AI taking away human jobs has risen dramatically. Millions of people have expressed their unfounded apprehensions about potential job loss. The rapid developments in AI technologies have also fuelled these concerns. However, the world can maybe heave a sigh of relief.
Meta’s top scientist Professor Yann Begun, known as one of the three godfathers of AI, has affirmed by saying that artificial intelligence will not be taking over the world, nor will it be permanently destroying jobs. In a press interaction for Meta in Paris, begun termed the fears of AI posing a threat to humanity as ‘preposterously ridiculous’. He said that computers would become more intelligent than humans, however, that will take years. His solution to all the apprehension is that if anyone felt that AI was not safe, they should simply not build it. Technology investments have created immense wealth over the last few decades. However, the innate nature of technology is growth-oriented, which means a higher risk and higher return. Therefore, in risk-averse environments such as now, the markets may reduce investments, which leads to a correction in the sector. Here, I’m not primarily talking about the companies like Alphabet and Meta that generate revenues primarily by advertising, but the IT companies that sell technology-related hardware and software. The sector has witnessed steep stock price declines periodically, often more than broader markets, leading many to believe that the industry could remain in a bear market for long periods. Technology investments have created immense wealth over the last few decades. However, the innate nature of technology is growth-oriented, which means a higher risk and higher return. Therefore, in risk-averse environments such as now, the markets may reduce investments, which leads to a correction in the sector. Here, I’m not primarily talking about the companies like Alphabet and Meta that generate revenues primarily by advertising, but the IT companies that sell technology-related hardware and software. The sector has witnessed steep stock price declines periodically, often more than broader markets, leading many to believe that the industry could remain in a bear market for long periods.
2022 was one of them, which many referred to as the “tech wreck of 2022,” assuming that the IT sectors’ best days may be over, at least for the foreseeable future. The rising interest rates, geopolitical fragility, and the fear of supply chain disruption have hit technology stocks and their IPO market. An analysis by Merited suggests that the cumulative market capitalization of the fastest-growing software-as-a-service (SaaS) stocks had fallen almost 70%. The technology sector’s IPO volume has reduced by 80% y-o-y in the first half of 2022, while the number of late-stage financing rounds collapsed for emerging startup companies. His comments are contrary to the “other godfathers” jeff Hinton and josh Begin, who called AI a threat to the human race. Begun said that the whole idea of AI taking over the world was a projection of human nature on machines. “It would be a huge mistake to keep AI research under lock and key,” he was quoted as saying by the BBC.
According to the scientist, those who were worried about the risks of AI did so because they couldn’t imagine how the technology could be made safer. He drew parallels between the invention of Turbojets to demonstrate his argument. The professor said that if we asked someone in 1930 how they were going to make turbojets safe it would be pointless as turbojets were invented in 1930
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