AI chatbots could trigger future financial crisis, US SEC warns
The US Securities and Exchange Commission (SEC) has expressed concerns about generative AI's impact on financial markets. SEC Chair Gary Gensler warned that the use of limited datasets for decision-making could lead to financial instability, similar to the 2008 crisis. He also indicated that the high demand for computing power and data needed for AI could lead to monopolies, leading to potential economic destabilisation. Gensler stated that while AI has not yet been widely used in finance, existing safeguards are out-of-date with recent data analytics breakthroughs, so new regulations will be required.AI chatbots could trigger future financial crisis, US SEC warns
The US Securities and Exchange Commission (SEC) has expressed concerns about generative AI's impact on financial markets. SEC Chair Gary Gensler warned that the use of limited datasets for decision-making could lead to financial instability, similar to the 2008 crisis. He also indicated that the high demand for computing power and data needed for AI could lead to monopolies, leading to potential economic destabilisation. Gensler stated that while AI has not yet been widely used in finance, existing safeguards are out-of-date with recent data analytics breakthroughs, so new regulations will be required.The US Securities and Exchange Commission (SEC) has expressed concerns about generative AI's impact on financial markets. SEC Chair Gary Gensler warned that the use of limited datasets for decision-making could lead to financial instability, similar to the 2008 crisis. He also indicated that the high demand for computing power and data needed for AI could lead to monopolies, leading to potential economic destabilisation. Gensler stated that while AI has not yet been widely used in finance, existing safeguards are out-of-date with recent data analytics breakthroughs, so new regulations will be required.
The US Securities and Exchange Commission (SEC) has expressed concerns about generative AI's impact on financial markets. SEC Chair Gary Gensler warned that the use of limited datasets for decision-making could lead to financial instability, similar to the 2008 crisis. He also indicated that the high demand for computing power and data needed for AI could lead to monopolies, leading to potential economic destabilisation. Gensler stated that while AI has not yet been widely used in finance, existing safeguards are out-of-date with recent data analytics breakthroughs, so new regulations will be required.The US Securities and Exchange Commission (SEC) has expressed concerns about generative AI's impact on financial markets. SEC Chair Gary Gensler warned that the use of limited datasets for decision-making could lead to financial instability, similar to the 2008 crisis. He also indicated that the high demand for computing power and data needed for AI could lead to monopolies, leading to potential economic destabilisation. Gensler stated that while AI has not yet been widely used in finance, existing safeguards are out-of-date with recent data analytics breakthroughs, so new regulations will be required.
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