What's New Today: As Pressure from AI Grows, Google's CEO Informs Staff that Some of the Company's Best Products "Were Not First To Market."
Fast-Track Insights: Binance, a Cryptocurrency Exchange, Anticipates Paying Fines to Resolve US Inquiries.
According to exchanges uploaded online by developers testing the AI invention, Microsoft's inexperienced Bing chatbot occasionally goes off the tracks, disputing simple truths and berating users. On Wednesday, complaints about being reprimanded, misled, or blatantly perplexed by the bot in conversational encounters abounded in a Reddit site devoted to the Bing search engine's upgraded AI. Since ChatGPT first appeared on the scene, the generative AI technology that powers it has sparked an intense debate that oscillates between interest and worry. Screenshots of conversations with the beefed-up Bing were posted on the Reddit forum, along with posts detailing mishaps such as insistence that the current year is 2022 and telling someone they had "not been a good user" for questioning its truthfulness. Others said that the chatbot offered suggestions on hijacking a Facebook account, plagiarising an essay, and telling an offensive joke.
As Google CEO confronts criticism for the company's leadership's tardy response to ChatGPT and competitor Microsoft, Sundar Pichai instructed staff on Wednesday to set aside a few hours during the workweek to test the company's artificial intelligence chat tool, Bard. "I know this moment is uncomfortably exciting, and that's to be expected: the underlying technology is evolving rapidly with so much potential," Pichai wrote in a companywide email, which was viewed by CNBC. Pichai requested staff members to dedicate two to four hours to Bard and mentioned that the business would offer more specific guidelines the following week. He emphasized to the workers that although Google hasn't always been the first to introduce a product, this hasn't prevented it from succeeding.
The increasing use of AI, robotics, and automation is already significantly impacting the job market. While these technologies are creating new jobs, they are also displacing existing ones. According to a report by the World Economic Forum, by 2025, the displacement of workers due to automation could reach 85 million jobs in medium and large businesses across 15 major economies. However, it's not all bad news. The same report suggests that AI, robotics, and automation will also create 97 million new jobs in the same period. The challenge is ensuring that the displaced workers are equipped with the skills needed to fill these new roles. Read More
Elon Musk, the CEO of Tesla and the embattled owner of Twitter, has the power to affect markets with a single tweet. The Tesla CEO and Twitter owner increased the price of cryptocurrency with a single image of his dog. Musk said, "The new CEO of Twitter is great," as his dog, decked out in an iconic black turtleneck, sat firmly in a huge recliner behind a desk. Shortly after, the value of the dog-themed cryptocurrency Dogecoin, Floki, and Shiba Inu skyrocketed. In roughly 15 minutes, the price of Dogecoin, probably the first "meme-coin" (a cryptocurrency designed particularly as a joke), increased by more than 5 percent. According to CoinMarketCap, the token's market cap climbed by about $500 million to surpass $11.5 billion.
The top executive of Binance, the biggest cryptocurrency exchange in the world, made a significant about-face after publicly denying the notion that it was under investigation and mocking media outlets that reported otherwise. Binance expects to pay monetary penalties to settle investigations into its business in the U.S., he said. Binance Chief Strategy Officer Patrick Hillmann told the WSJ that the company's leaders were not familiar with the laws and regulations about bribery, corruption, and money laundering, which appears to be an admission of breaking the law. To make apologies for that, Binance is "working with regulators to determine what are the remediations we have to go through right now," the executive stated. The result might be anything from a "fine" to "could be more."
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