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It is 'nearly unavoidable' that AI will cause a financial crash within a decade, SEC head says
(www.businessinsider.com)
this post was submitted on 16 Oct 2023
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This is the best summary I could come up with:
The chair of the SEC has warned that AI could trigger a financial crisis, as Wall Street rushes to adopt the new technology.
Gary Gensler told the Financial Times that it was "nearly unavoidable" that AI would cause a financial crash as soon as the late 2020s or early 2030s, and said that reliance on models developed by tech companies could lead to economic chaos.
Wall Street banks have been enthusiastic adopters of generative AI since the splashy launch of ChatGPT last year.
Morgan Stanley launched an AI assistant based on OpenAI's GPT4 model to help employees access market information last month.
Rival JPMorgan, meanwhile, has reportedly filed a patent for an AI model known as 'IndexGPT' that would help traders choose securities to invest in.
The SEC did not immediately respond to a request for comment from Insider, made outside normal working hours.
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