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In reference to the quick development of AI technology, OpenAI Inc.’s chief executive officer Sam Altman noted, “There are many ways it could go wrong.” On the other hand, he continued, “we work with dangerous technology that could be used in dangerous ways very frequently.”

Altman recently expressed worry about the possibility of harm being caused by the more potent AI technologies. He claimed that while global regulation might handle significant issues, it shouldn’t be overdone in an interview at the Bloomberg Technology Summit in San Francisco.

With a valuation of more than $27 billion, OpenAI, the company behind the enormously well-liked ChatGPT chatbot, is a market leader in the burgeoning area of venture-backed AI businesses. When asked if he would profit financially from OpenAI’s success, Altman responded, “I have enough money,” adding that the potential advantages of the technology were his driving force.

It’s difficult to explain the idea of having enough money to other people, he claimed.

Additionally, the CEO stated that he wished to use artificial intelligence to advance human technological advancement. Altman continued, “I think this will be like, the most important step that humanity has to make with technology.” “And I give that a lot of thought.”

OpenAI is at the very edge of generative AI technology, which can produce text or graphics with just a few simple user cues. Audiences have been wowed by the startup’s offerings, which include ChatGPT and the picture generator Dall-E. They have also contributed to a multibillion dollar frenzy among entrepreneurs and venture capitalists competing to set the groundwork for a new technological era.

In order to make money, OpenAI is granting businesses access to the APIs required to build custom applications utilising its AI models. Additionally, the business is offering membership to ChatGPT Plus, a premium version of their chatbot. OpenAI doesn’t disclose data on overall sales.

According to those with direct knowledge of the situation, Microsoft Corp. has made a total investment of $13 billion in the business. A large portion of money will be used to reimburse Microsoft for allowing OpenAI to train and execute its models on its Azure cloud network.

Governments and authorities have attempted to erect barriers to the development of the rapidly expanding AI industry as a result of its speed and strength. Altman himself has approved the initiative.

President Joe Biden met with many artificial intelligence specialists this week in San Francisco, including Altman. The CEO has been speaking on artificial intelligence while on the road, including in Washington, where he warned US senators that “if this technology goes wrong, it can go quite wrong.”

Microsoft Corp. and Google, a division of Alphabet Inc., are two significant AI businesses that have agreed to taking part in an impartial public examination of their systems. But the US also wants to push for larger regulatory changes. The Commerce Department stated earlier this year that it was examining regulations that would call for certification checks on AI models before they are made public.

More than 350 business leaders and academics joined Altman in signing a brief statement last month that said, “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks, such as pandemics and nuclear war.”

Despite dire warnings from tech titans, some AI researchers claim that the technology isn’t sufficiently developed to support worries that it will wipe out humanity. They also claim that concentrating on doomsday scenarios is only a diversion from problems like algorithmic bias, racism, and the danger of widespread disinformation.

Startups have been motivated to integrate AI into a wide range of industries, including financial services, consumer products, healthcare, and entertainment by OpenAI’s ChatGPT and Dall-E, both of which were published last year. Mandeep Singh, a Bloomberg Intelligence analyst, predicts that by 2032, the market for generative AI would have grown by 42% and will be worth $1.3 trillion.

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