Microsoft (NASDAQ:MSFT)
Concerns about consumer safety have prompted a fresh letter from an EU body to suggest that generative AI systems like OpenAI may be subject to investigation. As a result, Microsoft stock declined.
The European Consumer Organization, an advocacy group concerned with consumer protection, sent a letter to the Consumer Protection Cooperation Network on Monday, requesting an investigation into the potential rise in deception, fraud, misinformation, and other negative outcomes associated with the use of tools like ChatGPT, Amazon Web Services, Google’s Bard, and others.
In a letter, the organization BEUC urged the government to study “the risks that these AI systems pose to consumers as a matter of urgency, to identify their presence in consumer markets, and to explore what remedial action must be taken to avoid consumer harm.”
The European Union’s Bureau for Ethics and Union Control (BEUC) singled out ChatGPT, saying it “can produce inaccurate information while making its outputs sound plausible.”
The Electronics and Communications Board (BEUC) isn’t the only industry lobbying body to demand AI regulation in recent years; it represents 46 consumer groups from 32 nations.
In a 14-page paper, the U.S. Chamber of Commerce argued for regulating artificial intelligence. Although AI is predicted to boost global GDP by $13T by the end of the decade, the generally business-friendly organization noted that it would touch national security and privacy areas. Therefore it must be governed responsibly.
In a statement, the group headed by Suzanne Clark warned that unchecked artificial intelligence (AI) might undermine the economy, reduce individual liberties, and slow the spread of helpful new technology.
OpenAI, the company behind ChatGPT, has received funding of several million dollars from Microsoft (NASDAQ:MSFT). Microsoft has used the tech in various offerings, such as the Power Platform software suite for developers, the Azure cloud, and the Bing search engine and mobile applications.
In response, Google introduced its Bard chatbot to lukewarm reviews in February.
Google CEO Sundar Pichai recently announced that the company’s premier search engine will include chatbot technology.
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