The world this week--Business
Elon Musk said he would launch a new artificial- intelligence platform called TruthGPT as a rival to ChatGPT and other generative-AI bots, somewhat contradicting his recent call for a moratorium on developing such technology.
But Mr Musk reiterated his concerns about AI’s potential to cause harm, even claiming it could cause the destruction of civilisation.
It has emerged that Mr Musk has created a new company, X.AI, incorporated in Nevada.
Mr Musk’s fascination with the letter X extends to Twitter, which has now changed its official company name to X Corp and moved its incorporation location from Delaware to Nevada.
Mr Musk has a long-stated goal of creating X, “an everything app”.
Sundar Pichai, Google’s boss, warned that the world was not ready for the rapid changes that new AI will bring, saying it would “impact every product across every company” (though that isn’t stopping Google from racing ahead to integrate generative AI into its advertising, according to a report).
Mr Pichai said the problem of fake imagery would become much worse.
In one recent example an image of Pope Francis in a white puffer coat went viral on social media before it was revealed to have been generated by AI.
Fox News reached a settlement with Dominion Voting Systems over the broadcaster’s fake claims that Dominion’s machines helped “steal” the election in 2020 from Donald Trump.
The $787.5m settlement is the biggest ever in a media defamation case.
The deal was reached just ahead of a trial that would have called Rupert Murdoch, who controls Fox, as a witness.
In pre-trial hearings the judge had dismissed Fox’s claim that it was merely reporting allegations, and said the jury’s task would be to determine if it had acted maliciously.
Britain’s annual rate of inflation dipped in March to 10.1%, still stubbornly high and now twice America’s rate of 5%.
Food prices rose the most in 45 years.
Rishi Sunak, the prime minister, promises to cut inflation by half this year.
The collapse of Silicon Valley Bank in March didn’t harm business at most of America’s big banks in the first quarter.
Net profit was up by around 50% at JPMorgan Chase, year on year, 32% at Wells Fargo, 15% at Bank of America and 7% at Citigroup.
Profit plummeted by 18% at Goldman Sachs, however, because of poor revenue from fixed income, currencies and commodities trading.
Profit was also down at Morgan Stanley, by 19%.