The stock prices of other US-listed companies, such as semiconductor manufacturer Advanced Micro Devices and AI firm C3.ai, also increased as investors seek to capitalize on the booming AI sector. However, Matt Wacher, the chief investment officer at Morningstar Asia Pacific, cautions that while there can be significant rewards for investing in tech stocks, there are also substantial risks involved.

Nvidia co-founder and CEO Jensen Huang. Image: Bloomberg

Global AI Market to Hit $207B by 2022

A new report by Grand View Research estimates that the global AI market is expected to reach an impressive $US136.55 billion ($207 billion) in 2022, and is projected to grow at an average compound annual growth rate of 37.3 per cent from 2023 to 2030. This remarkable growth is attributed to the continuous research and innovation efforts of tech giants, which are driving the adoption of advanced technologies across various industry verticals such as automotive, healthcare, retail, finance and manufacturing. AI technology has the potential to revolutionize these industries by providing more efficient and cost-effective solutions for businesses. As such, it is likely that AI will continue to be a major driver of economic growth in the coming years.

Alphabet’s Chatbot Failure

Though the potential of Artificial Intelligence (AI) may seem like a surefire investment for some, it is important to remember that tech has seen some major downturns in the past. The most notable example of this was during the “tech wreck” of early 2000, when many companies saw their share prices plummet drastically. This was demonstrated again last year when Alphabet [owner of Google] saw $US100 billion wiped from its value after its chatbot failed to meet expectations during its first demonstration. This serves as a reminder that even the most promising technologies can experience significant setbacks, and investors should be aware of the risks associated with investing in AI.

Invest Beyond AI

For those looking to invest in Artificial Intelligence (AI), Cameron Gleeson, senior investment strategist at exchange-traded funds provider Betashares, recommends diversifying your portfolio by investing in a well-constructed basket of stocks. This will help reduce the risk of concentrated bets on specific AI names. There are several Exchange Traded Funds (ETFs) listed on the Australian Securities Exchange that track an index of technology stocks, which can provide investors with a way to spread their investment risk. Morningstar’s Wacher also suggests that investors should only allocate a small portion of their portfolio to higher-risk sectors such as AI. By doing so, investors can benefit from the potential upside of investing in AI while mitigating the risks associated with it.

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EU’s AI Act

The EU’s AI Act is set to become the first law on AI by a major regulator anywhere, according to its website. It focuses on regulating AI and protecting Europeans from certain AI risks, which are divided into three categories. The European parliament voted in favor of adopting the act by a large majority and June 14 has been set as the tentative date for its adoption.

OpenAI’s Systems and the AI Act

Altman is reportedly concerned that OpenAI’s systems such as ChatGPT and GPT-4 could be designated as “high risk” under the regulation, according to Time. This would mean that the company would have to meet certain requirements over safety and transparency, such as disclosing that its content was AI-generated. The highest risk category of the AI Act would be banned, while systems in the second risk category would be subject to specific legal requirements and those in the third category would be largely left unregulated. Additionally, companies will have to design their AI models so they don’t generate illegal content and publish summaries of copyrighted data used for training.

OpenAI’s GPT-4 Model

When OpenAI released GPT-4 in March, some in the AI community were disappointed that OpenAI did not disclose information on what data was used to train the model, how much it cost, and how it was created. Ilya Sutskever, OpenAI’s cofounder and chief scientist, previously told The Verge that this was due to competition and safety concerns. He said that it took almost all of OpenAI working together for a very long time to produce GPT-4 and there are many companies who want to do the same thing. He also noted that while competition is top-of-mind now, safety will become more important in the future.

Also Read: Chat GPT-4 vs. Its Predecessor: What You Need to Know

Altman’s Suggestion for Government Oversight

Altman has expressed his concern about how the AI Act will affect OpenAI’s presence in Europe but he recently told US Senate members that there should be a government agency overseeing AI projects with “above a certain scale of capabilities.” He suggested granting licenses to AI companies and taking them away if they overstep safety rules.

It remains unclear how exactly these proposed regulations will affect OpenAI’s operations in Europe but one thing is certain: The details really do matter when it comes to regulating artificial intelligence. Companies like OpenAI must ensure they comply with all safety requirements or face potentially serious consequences if they don’t.

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However, it’s been a tough week for large language models like Chat GPT. Many AI users can manipulate chatbots to do things their creators never intended. It’s still early days, but it’s possible we’ll hear a lot more about this in the coming months. Montana lawmakers recently voted to prohibit downloads of TikTok in the state. Governor Greg Gianforte is expected to sign this into law, despite potential legal and technical obstacles. The Airman’s top secret breach remained in headlines this week.

Airman’s top secret breach: Man charged with leaking top intel

Jack Teixeira is a 21-year-old airman with the Massachusetts Air National Guard. He is the man who is charged with retaining and transmitting national defense information and withholding classified documents. Teixeira allegedly leaked top-secret intelligence to members of an invite-only chat room called Thug Shaker Central on Discord. That online group consisted of two dozen adolescent boys and young men who didn’t fully understand the significance of the leak.

The leak, which circulated online for weeks, contained sensitive information about Russian military tactics during the conflict in Ukraine. It also contained intelligence reports on friendly nations like Israel and South Korea, among other topics. The leak’s bizarre circumstances have frustrated and embarrassed US intelligence officials. They are now considering potentially expanding the surveillance of online chat rooms.

Monitoring public chat rooms is common practice for law enforcement. However surveilling private conversations without probable cause would run into serious legal and civil liberties hurdles. Former general counsel of the National Security Agency, Glenn Gerstell, said that the US government does not want a system where it monitors private internet chats.

In response to the incident, US defense secretary Lloyd Austin jumped in. He ordered a review of intelligence access, accountability, and control procedures within the department. This step was taken to to prevent such incidents from happening again.

Western Digital Suffers 10 TB Data Loss to Hackers

According to TechCrunch, a group of hackers has claimed to have hacked data storage company Western Digital and is holding 10 terabytes of stolen data hostage. The hackers are demanding a “minimum 8 figure” ransom from the company. They threaten to publish the stolen data if their demands are not met.

The hackers, who spoke to TechCrunch, claim to have access to customer information. However, the exact data that has been stolen is still unknown. The hackers have contacted several company executives. They urge them to pay the ransom and resolve the situation. Western Digital has yet to release an official statement on the matter.

New Spyware Discovered in 10 Countries Worldwide

In a latest report, researchers from Microsoft and the University of Toronto’s Citizen Lab revealed that a shadowy Israeli firm called QuaDream has been using its sophisticated hacking tools to infiltrate the smartphones of politicians and journalists in at least 10 different countries.

The company was founded in 2016 by former employees of the notorious NSO Group. It specializes in developing cutting-edge smartphone hacking software for government clients. The researchers found that the QuaDream spyware targeted older versions of Apple’s iOS phone software. The spyware uses sneaky techniques like sending malicious calendar invites that wouldn’t show up for the intended targets.

Citizen Lab also discovered QuaDream servers in locations. From the United Arab Emirates and Mexico to Uzbekistan and Israel itself, QuaDream is widepread. The implications of this latest revelation are deeply troubling and raise serious questions about the ethics of using such tools against journalists and politicians.

WhatsApp Rolls Out Enhanced Protection Against Hackers

WhatsApp has recently rolled out a brand-new security feature that’s geared towards preventing hackers from stealing users’ accounts. This exciting addition requires individuals who are downloading WhatsApp on a new device to confirm their account by using their old device. By doing so, WhatsApp has implemented an extra layer of security to safeguard users from potential account takeovers.

According to a WhatsApp spokesperson who spoke to Engadget, the Account Protect feature will only kick in when the company detects a malicious account takeover. Additionally, in the event that a user no longer has access to their old device, they can easily obtain a one-time passcode from WhatsApp. With this new security feature in place, users can now rest easy knowing that their WhatsApp account is better protected than ever before.

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