Here are the top stories in AI this week -
1. AI could add $4.4 TRILLION to the economy
A recent report by McKinsey, surveying 850 jobs in 47 countries, suggests that generative AI could contribute an annual $2.6 to $4.4 trillion to the global economy, exceeding the yearly GDPs of countries like Canada, Australia, and Spain. The consulting firm anticipates that 75% of this value will concentrate in four sectors: customer operations, marketing and sales, software engineering, and research and development.
Checkout the study here.
2. Google Tells Employees to Stay Away from Bard
Alphabet Inc., Google's parent company has warned its employees against entering confidential data into AI chatbots, including Google's own AI chatbot named Bard, due to potential data leaks. This advice comes in light of similar directives issued by Amazon and Apple, all fuelled by concerns about human reviewers accessing sensitive data and AI learning algorithms potentially exposing information. The decision follows Samsung's recent incident, where internal data was leaked after employees used OpenAI's ChatGPT.
Read the article here.
3. EU takes major step towards regulating AI The European Parliament has passed a draft of the AI Act, a groundbreaking law aiming to regulate high-risk uses of artificial intelligence (AI). The legislation, expected to be finalized later this year, includes restrictions on facial recognition software and requires increased data transparency from AI developers. This move underscores Europe's leadership in AI regulation.
Read the entire NYT article here.
And that's all for this week! If you have any suggestions or feedback regarding the newsletter or website, please reach out to us by replying to this email.
As always, thanks for reading, and see you next week! 🙂
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