Why We Can't Let AI Have All the Fun

In recent months, we have seen a proliferation of AI models entering the market, revolutionizing various industries and offering tremendous possibilities for humanity. One thing that occurred to me this morning after watching Sam Altman, CEO of OpenAI, appear before the US Senate committee yesterday, is that as AI evolves, it is crucial to strike a balance between fostering innovation and maintaining safety. This is where regulation plays a role; it can encourage the development of safe and beneficial AI tools while ensuring that people can access the technology's many benefits.

As previously mentioned Sam Altman, CEO of OpenAI, yesterday testified before a US Senate committee about the potential of AI and the need for a regulatory framework. OpenAI, a company that studies, builds, and deploys AI, was founded with a commitment to maximising the long-term safety of AI systems and ensuring that artificial general intelligence (AGI) benefits all of humanity. The unique structure of OpenAI, which includes a non-profit parent entity and a for-profit subsidiary under strict profit caps, allows it to prioritise safe and beneficial AI development.

Altman proposed the formation of a new federal agency specifically tasked with issuing licenses for AI technology. These licenses could be revoked if companies fail to comply with safety standards, thereby incentivising responsible behaviour and innovation in the field.

While the potential of AI is vast, it's important to remember that these are powerful tools we're dealing with. OpenAI, for instance, is a leading developer of large language models (LLMs) and other AI tools that operate on a large and complex scale, capable of tasks such as summarising text, writing poetry, and crafting computer code. The creation of these models requires advanced algorithmic design, significant amounts of training data, and substantial computing infrastructure.

But with great power comes great responsibility. In the absence of regulation, the potential for misuse and unintended consequences grows. That's why regulatory measures are needed to ensure safety, fairness, and transparency in AI applications.

However, regulation should not stifle innovation. An overly prescriptive regulatory approach might slow the pace of AI development and restrict its benefits. Therefore, it's important that regulation is carefully designed to promote safety and accountability without hindering the growth and application of AI. We have recently seen that the continual lack of regulation in crypto has really damaged the fledgling industry. US lawmakers are unwilling to provide even a framework for companies like Coinbase to work with.

Regulation will no doubt play a vital role in the AI landscape. It acts as a check and balance to the rapid advancements in AI, fostering an environment of safety and responsibility while ensuring the continued growth and innovation in this groundbreaking field. With the right regulatory framework, we can harness the full potential of AI and steer its development in a direction that is beneficial for all of humanity.

Given recent government regulations, both domestically and internationally, that have not effectively harnessed and capitalised on technological advancements, I am skeptical about how this will play out. However, as I have promised myself to refrain from having strong political opinions, I will be watching from the sidelines, hoping that they get this one right.

I hope you enjoy today's newsletter. As always, thank you for being early supporters of Do More with AI.

Jenko

1. Products

Product of the Day

New Products

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Check out our AI Product Guide in our Resource Hub to see all the AI tools and software we've previously reviewed and featured.

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2. Learn

A day in the life of AI

Every day, we will showcase a workflow or task designed to help you save time in your job or personal life. Becoming skilled at promoting can be a superpower, so the goal of this section is to help you improve in this area for both personal and professional growth.

Personal or Professional: Prefessional
Workflow/Task: Memo Writing
Task time before AI: A few hours
Task Time with AI: <2 minute
Cost Saving: Priceless

Are you looking for ways to increase your influence within your company or with clients? Look no further than the humble memo. Jeff Bezos famously banned PowerPoint presentations at Amazon in favour of memos and called it “probably the smartest thing we ever did.”

Memos can be an effective communication tool for presenting your ideas in a clear, concise, and actionable manner. Try this ChatGPT prompt:

Please let us know if there are any workflows, tasks, or roles that you would like us to feature.

3. Most Valuable Media (MVM)

Most Valuable Image (MVI)

These images were created with Midjourney via the following prompt: Woman looking at skyline from window, neoclassical symmetry, matte painting, stage - like environments --ar 16:9 --style raw

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