Shulou(Shulou.com)11/24 Report--

On the evening of August 7, Beijing time, it is reported that Gary Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has been studying the potential consequences of AI for many years. The recent proliferation of production AI tools like ChatGPT shows that this technology has the potential to change a variety of industries, and even society as a whole.

Tuyuan Pexels a few days ago, Gensler talked about some of his biggest concerns about AI.

AI could be the next major systemic risk facing the financial system. In 2020, Gensler co-authored a paper on deep learning and financial stability. The conclusion is that, given the impact of network and platform effects on technology giants in the past, only a few AI companies may be able to build some basic models to support the AI tools that enterprises rely on in the future.

Gensler predicts that the United States is likely to end up with two or three basic AI models. This will deepen the interconnectedness of the entire economic system and make financial collapse more likely. Because when a model or data set becomes the core, it will increase "herding" behavior (that is, herd behavior), meaning that everyone will rely on the same information and make a similar response.

"this technology (AI) will be the center of future crises and future financial crises," Gensler said.

The AI model may put the interests of enterprises above those of investors. The social media-fuelled meme stock frenzy and the rise of retail transactions on App highlight the power of push and prediction algorithms. But will companies that use AI to study investor behavior or recommend deals give priority to the interests of their users when acting on this information?

SEC proposed a rule last month that requires platforms to eliminate conflicts of interest in their technologies. "you shouldn't put advisers before investors, and you shouldn't put brokers before investors," Gensler said. therefore, we have made specific suggestions on how to resolve conflicts that may be embedded in the model. "

If generative AI gives wrong financial advice, who should be held responsible? "by law, investment advisers have a fiduciary duty, a duty of care and an obligation to be loyal to their clients," Gensler said. you have the same duty of care whether you use the algorithm or not. "

In the minds of policy makers, there is controversy over who should bear legal responsibility for the AI. But Gensler said: "these companies should be required to create security mechanisms, because anyone who uses chatbots will not delegate responsibility to this technology." the parameters of robots are set by the humans who built them, he said. "

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