Sign up to save tools and stay up to date with the latest in AI
bg
bg
1

AI could cause ‘catastrophic’ financial crisis, says Yuval Noah Harari

Nov 10, 2023 - theguardian.com
Historian and author Yuval Noah Harari has warned that artificial intelligence (AI) could cause a financial crisis with catastrophic consequences. Harari, a prominent voice of concern over AI development, said that the technology's sophistication makes it difficult to predict all potential dangers. He cited the financial sector as a prime example, where AI could create complex financial devices that humans cannot understand or regulate, potentially leading to a crisis. Harari's comments come in the wake of a global AI safety summit, where leading governments and major AI companies agreed to cooperate on testing advanced AI models.

Harari supports the creation of powerful regulatory institutions that can quickly react to new AI breakthroughs, rather than focusing on specific regulations and laws. He also backs calls for a pause in advanced AI development and making AI companies liable for damage their products cause. This comes as the UK and US governments have announced plans to establish AI safety institutes, which are expected to play key roles in testing advanced AI models. The UK's financial regulators, the Financial Conduct Authority and Prudential Regulation Authority, have been identified as the appropriate watchdogs for AI and finance.

Key takeaways:

  • Historian and author Yuval Noah Harari warns that artificial intelligence (AI) could cause a financial crisis with catastrophic consequences, due to its ability to make decisions, create new ideas, and learn and develop independently.
  • Harari supports the recent multilateral declaration at the global AI safety summit, where leading governments and major AI companies agreed to cooperate on testing advanced AI models before and after their release.
  • He highlights the potential for AI to create complex financial devices that humans cannot understand or regulate, leading to a financial crisis that could trigger wars or conflicts.
  • Harari advocates for the creation of powerful regulatory institutions that can quickly react to new AI breakthroughs, rather than focusing on specific regulations and laws that may become outdated.
View Full Article

Comments (0)

Be the first to comment!