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AI: Rapid growth and potential drawbacks

Artificial intelligence (AI) is a field of computer science that focuses on creating intelligent machines that can perform tasks that normally require human intelligence. AI algorithms use statistical analysis and pattern recognition to learn from ‘big data’ and improve performance over time.

The rapid growth of AI technology has mostly been fuelled by advances in the ability to process big data. AI is now being used in a wide range of industries, including financial services. For example, Aalto Capital team members receive a partly AI-generated summary of market activity daily.

However, as with any new technology, AI also has its drawbacks. One concern is that AI systems may reinforce existing biases in the data they are trained on. This can lead to discriminatory outcomes in areas such as law enforcement and hiring.

Another concern is based upon human attitude. Given the understanding that AI is based upon data, people often take AI responses to be definitive and absolute. However, AI tools such as ChatGPT emphasise language, and therefore responses are at times highly fluent, but not necessarily accurate. Google’s Bard and AI-powered Bing Chat will provide alternative choices to consumers, and therefore healthy competition within the market.

Overall, AI has the potential to transform many aspects of our lives, but it is important to be aware of its limitations and potential deficiencies. As AI continues to evolve, it will be important to consider the ethical and societal implications of its use.

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