AI's role in the next financial crisis

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Today we will discuss-

• 🏍EU wants Asian countries to follow its lead on AI

• 👩‍🚀AI could destabilize the global economy, says SEC Chair

• 🕵️Top AI chip executives meet White House officials

• 💁‍♂️9 fantastic AI tools you might not have heard of

All this and more - Let's dive in!

👨‍🍳What’s cooking in the newsroom

European Union is influencing Asian countries to follow its lead in regulating AI

👩🏼‍🔬News - The European Union (EU) is trying to convince Asian countries to adopt similar rules for artificial intelligence as the EU has. These rules would require tech companies to disclose copyrighted and AI-generated content.

The EU and its member states have sent officials to meet with at least 10 Asian countries, including India, Japan, South Korea, Singapore, and the Philippines, to discuss how to regulate the use of artificial intelligence.

👵Are Asian countries willing to adopt the EU's policies?

• EU's effort to convince Asian governments of the need for stringent new rules is being met with little enthusiasm. Many countries are taking a cautious approach to AI regulation, preferring to see how the technology develops before making any changes to their existing laws. They fear moving too quickly could stifle innovation.

• Some countries are already developing their own AI regulations. For example, Singapore is developing voluntary guidelines for the use of AI, and Japan is considering a more flexible regulatory regime.

• Asian countries are more interested in collaborating with other countries to create global AI regulatory standards, rather than adopting the EU's policies outright.

SEC Chair Gensler says AI could be a key player in the next financial crisis

👨‍🎨News - Security and Exchange Commission (SEC) Chair Gary Gensler, on Monday, warned that AI could destabilize the global economy if big tech companies monopolize its development for financial markets applications.

He further added that Artificial intelligence could make the financial system more fragile, and could be a major factor in the next financial crisis.

According to him, existing risk management tools and guardrails are not enough to protect the financial system from the risks posed by advanced AI.

👴What are his main concerns?

• One of the main concerns is that if a small number of large tech companies control the development of AI for financial markets, they could use their power to manipulate the market. For example, they could use AI to front-run trades or to create "flash crashes" that could wipe out investors' portfolios.

• Another concern is that AI could lead to a "herding" effect in the markets, where all of the big tech companies make the same trading decisions at the same time. This could lead to market volatility and could make it difficult for investors to make informed decisions.

AI chipmakers meet with Biden officials to discuss export restrictions

💁‍♂️News - Top U.S. chipmakers met with government officials on Monday to express their concerns about the Biden administration's plans to restrict the export of advanced chips to China.

The chipmakers are worried that these restrictions could hurt their businesses and damage the global chip supply chain.

The CEOs are also asking the government to speed up the disbursement of money from the CHIPS Act so that they can invest in new manufacturing capacity in the United States.

🤔What did China say? On Tuesday, Chinese Foreign Ministry Spokesperson Mao Ning said that the U.S. government's planned restrictions on technology were a form of political maneuvering that would not benefit either country. Ning accused Washington of using trade and technology issues as weapons to try to contain China's development.

🤵But what’s the backstory? Well, the Biden administration is considering expanding its restrictions on the export of US-made chips to China. The administration is concerned that China could use these chips to develop advanced weapons or cyber threats.

🔊What else is happening?

• France and Britain compete to become Europe's capital for artificial intelligence

• Teladoc expands Microsoft tie-up to automate clinical documentation with AI

• UK’s approach to AI safety lacks credibility, report warns

• India's Infosys signs five-year AI deal with $2 bln target spend

• AI Hammerspace raises $56M for data management solution

📽AI-based movies

• A.I. Artificial Intelligence (2001) - The film explores the questions of what it means to be human, and whether or not AI can ever truly achieve consciousness. It is a thought-provoking and often heartbreaking film that has been praised for its visual beauty and its exploration of complex themes.

• Upgrade (2018) - It is a science fiction action thriller that explores the nature of consciousness and the potential dangers of AI. It is a fast-paced and visually stunning film that features an excellent performance from Logan Marshall-Green.

• Oxygen (2021) - It is a French science fiction thriller film directed by Alexandre Aja and stars Mélanie Laurent as Liz, a woman who wakes up in a cryogenic pod with no memory. She must use an AI to escape before her oxygen runs out, but the AI may not be as helpful as it seems.

 👨‍🎓Discover mind-blowing AI tools

1. JobWizard - A tool designed to streamline the job application process; auto-fills job applications, saving time on manual data entry

2. Prepfordeal - Helps startups prepare for funding rounds by providing tools and resources for investor interviews

3. Juno - A tool that enhances data science by providing code suggestions, automatic debugging, and code editing

4. Create AI Voiceovers - An online tool that allows users to convert text into realistic-sounding voiceovers

5. Taption - Offers automated transcription, translation, and subtitling services for audio and video content

6. Stillgram - An AI travel camera app for iPhone that removes background crowds from photos

7. Insights Copilot - Empowers businesses to gain valuable audience insights to improve their social media strategy

8. KinesteX - An AI-powered platform that revolutionizes physiotherapy and wellness routines

9. CrowdPrisma - A survey analysis engine that allows users to analyze free-text responses in a quick and meaningful way

👩‍💻Tips to master prompt engineering

• Be clear and concise - When crafting prompts for ChatGPT, be clear and concise. Avoid ambiguous language and provide enough context. For example, instead of saying "Tell me about Deep learning," you could say "Explain the key principles of Deep Learning and its applications in the Tech sector."

• Focus on positive instructions - When crafting prompts for ChatGPT, focus on positive instructions. This means telling the model what to do, rather than what not to do. For example, instead of saying "Do not include any negative reviews in the product description," you could say "Include only positive reviews in the product description."

• Experiment with prompt formats - The way you phrase your prompt can affect the results you get from ChatGPT or Bard. Try different formats, such as questions, statements, or instructions, to see what works best for your specific needs.