Silicon Valley's past motto of "Move fast and break things" continues to haunt the tech industry, as demonstrated by the recent clash between actor Scarlett Johansson and OpenAI. Johansson claimed that her voice was used for OpenAI's new product without her consent, highlighting concerns in the creative industries about being replaced by artificial intelligence (AI). This incident calls attention to the responsibility and boundaries that AI companies like OpenAI must adhere to. While the AI giants have pledged to create responsible and safe products, the focus on worst-case scenarios rather than practical threats has shifted. The immediate risk of AI tools replacing jobs and discriminating against individuals has been overlooked. Questions arise about the safety testing of AI products such as OpenAI's GPT-4o and Google's Project Astra, as well as the lack of understanding regarding why AI tools generate specific outputs.
Although voluntary agreements have been made, some argue that legally binding rules are necessary to ensure responsible development of AI technologies. Without official oversight, there is uncertainty surrounding companies' adherence to their pledges. The EU's AI Act provides strict legislation and penalties for non-compliance, but it also creates additional work for AI users. Establishing global governance principles that protect all nations is a challenging task. The regulation and policy-making process lags behind the pace of innovation, leaving the question of whether tech giants will be willing to wait for regulatory frameworks to catch up.
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An original version of this article appeared in CNBC's Inside Wealth newsletter, written by Robert Frank, which serves as a weekly resource for high-net-worth investors and consumers.
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