Bank of England News

2 articles in bank of england

UK exposed to ‘serious harm’ by failure to tackle AI risks, MPs warn

Government, Bank of England and FCA criticised for taking ‘wait-and-see’ approach to AI use in financial sector Consumers and the UK financial system are being exposed to “serious harm” by the failure of government and the Bank of England to get a grip on the risks posed by artificial intelligence, an influential parliamentary committee has warned. In a new report, MPs on the Treasury committee criticise ministers and City regulators, including the Financial Conduct Authority (FCA), for taking a “wait-and-see” approach to AI use across the financial sector. Continue reading...

theguardian.com

Jan 20

BusinessAI (artificial intelligence)Bank of England

‘We could hit a wall’: why trillions of dollars of risk is no guarantee of AI reward

Progress of artificial general intelligence could stall, which may lead to a financial crash, says Yoshua Bengio, one of the ‘godfathers’ of modern AI Will the race to artificial general intelligence (AGI) lead us to a land of financial plenty – or will it end in a 2008-style bust? Trillions of dollars rest on the answer. The figures are staggering: an estimated $2.9tn (£2.2tn) being spent on datacentres , the central nervous systems of AI tools; the more than $4tn stock market capitalisation of Nvidia, the company that makes the chips powering cutting-edge AI systems; and the $100m signing-on bonuses offered by Mark Zuckerberg’s Meta to top engineers at OpenAI, the company behind ChatGPT. Continue reading...

theguardian.com

Jan 17

AI (artificial intelligence)ComputingTechnology