In a top-class Fireside chat in the Federal Reserve in Washington, DC, the CEO of Openai, Sam Altman, with Michelle Bowman, Vice Chairman, consisted of a comprehensive vision of artificial intelligence and its effects on finances, employment and society as a whole. The conversation about the integrated review of the capital framework for the large banking conference by the Fed covered the acceleration of the introduction of AI, the productivity booms, the impending risks and why Altman thinks that banks – and supervisory authorities – rethink their approach to innovation.
Altman told the amazing speed of AI development and acceptance. “Five years ago, Ai was still considered something that was in the distant future,” he remarked, emphasizing the dramatic changes since Chatgpt’s start in November 2022. Since then, the AI has been reached from niche to the necessity of new models.
Productivity stories flow from scientists and engineers: “We now hear from scientists that they are two or three times more productive. We hear from computer programmers who say that they are more productive.
Altman has recorded the phenomena with a striking sentence: “It actually looks as if we were to deliver” intelligence too cheap for measuring equipment “. We have been able to reduce the costs for each intelligence unit per year by more than one factor of 10 per year.” -Recht token “was solved.
AI will make the expression “ai company” out of date
Bowman, who turned to a room of the industry leaders, urged Altman to redesign productivity in finance and beyond. Altman compared the social effects of AI with the invention of the transistor: “The value that is diffused throughout society throughout society as a massive productivity.” He predicted that the expression “Ai Company” would soon sound out of date, since every product and service would be expected that it would integrate intelligence by default.
Early adopters in finance are already deep in experimentation. Despite initial skepticism, institutions like Morgan Stanley And the Bank of New York accepted the AI for critical functions. “Some of our greatest early partners proved to be financial institutions,” said Altman and found that they found out how the technology should be used for critical processes.
When it comes to the disorder of jobs, Altman was open about the uncertainty: “Nobody knows what happens next.” While he predicted that some classes will disappear from workplaces and others were created, he insisted that increased productivity historically leads to more, not less, human striving and creativity.
“There are cases in which entire classes disappear from jobs. There are completely new classes of jobs that will come.” He said he thinks this process would look like “most of the story” in which people and economies have adapted to the tools that create the technology.
“It turns out that people seem to want unlimited things. They have the great desire to express their creativity and be useful for humans,” continued Altman. He added that he was “still waiting for this promise from the industrial revolution that we only had to work four hours a week and had to play on the beach and hang around with our children” Economists of the 20th century John Maynard Keynes famous predictions About the future of work.
The committee does not have Keynes’ prediction that a 15-hour working week would be reached by the time of Keynes’ hypothetical grandchildrenAs they would have been alive in the period until 2030, almost exactly in the current time. The conversation was also not in the subject of tariffs, protectionism or outsourcing as the history of Departure of American production and that “China shock”From the 21st century suggests that history is not a linear line in the technological and economic disorder.
A future full of AI risk, even “fraud”
Altman also published blunt warnings of the risks of AI, especially synthetic fraud and change of identity. He asked the banks and the company to move from authentication methods from language or image and prepare for new waves of cybercrime.
He described three broad risk categories: bad actors who take advantage of superintelligence, incidents of the loss of control (such as science fiction warnings) and a more subtle threat in which society becomes so dependent that human supervision, decision-making and even the government government could deteriorate. “Emotional transmission”, especially for young people, is already a problem.
During the conversation, Altman asked the governments and companies to move quickly but carefully when introducing AI, and emphasized the importance of regulation, which enables innovations instead of suffocating them. He moved parallels to historical fears towards pocket computers and GoogleAnd pointed out that such tools ultimately enabled people to focus on higher skills.
He also described how AI could become a global compensation, especially in the development markets with limited access to experts: “In many developing countries, the alternative to a chatt doctor is not a real doctor, it is nothing at all, and then they definitely would prefer it.”
Finally, Altman emphasized the quick shift to advanced “argumentation models” in the AI and invited the financiers and the government to use this new wave. “The government has to take care of this technology and we will be able to do everything better.”
For this story, Assets Used generative AI to help with a first draft. An editor checked the accuracy of the information before publication.
