people matter just as much as the other to connect with our community and be part of the conversation. we feel very unsafe because of the 2nd 12 presidency. they don't see the need and then trying to a piece of people on social media. the stream on out just the or the hello, i'm adrian said again, this is counting the cost on i was a 0, you're reaching look at the world of business and he cannot make this rich. it's seen as a game changer. but critics say, artificial intelligence is just hyped. so will i drive explosive growth when it disrupt the economies and cost workers, the jobs? i, technology is costly. the tech companies are pouring billions of dollars into it. really investment payoff. just how important will

a i page where businesses bottom line of the you and says the need for global regulation of ally is irrefutable. it warms what if the industry is left on government. its benefits could be limited to a handful of states and companies almost one trillion dollars. that's how much tech companies are estimated to be spending on building up the artificial intelligence industry over the coming years. suppose that the technology say that a, i will increase productivity, boost incomes and revolutionize the global economy boss. with the excitement surrounding the potential of artificial intelligence comes along a growing number of investors. worry that a, i want to live as a huge profits. they seek, at least not in the foreseeable future. and critics one but a all, i could replace human jobs deepen in a call as he calls a growing for regulates us to come up with policies to leverage the potential of ally for the benefit of all human as he sent to them on

a 100 rubles the hype around artificial intelligence has created high expectations. jp morgan predicts that it will eventually add as much as 17 percent of the u. s. economy and many industry insiders have held it as a revolution that will change the world forever. has huge transformative potential like a can to what the steam engine did for physical labor. um, you know, it took loads off the backs of humans, off the backs of the animals that we use to have power fields and put it onto machinery. i think that's a good analogy to what these large language models are going to do to intellectual labor. but so far, that change hasn't quite materialized. businesses have had mixed results. some case studies have shown productivity gains while others dropped their ai services altogether, saying it wasn't worth the cost. some critic circle in a bubble. the question whether generated a is currently up to performing complex tasks are good at doing certain things very

well, like translation forwarding, and they're very good at pattern recognition of human faces. humans are still infinitely better. i think it's credibly over hyped, but told from skeptics hasn't stopped huge amounts of money from flowing into a i. venture capitalist of invested more than 60000000000 dollars this year. on top of that big tech firms like amazon, microsoft, alphabet, and massa are huge estimated to have spent between 30 and 60000000000. i almost estimate the returns are still to work by expenditures, but firms believe they must secure a slice of the market or be left behind. when you go through a curve like this, you know, the risk of thunder investing is dramatically greater than the risk of forward investing for us here. in the short term, a faces obstacles and opportunities, the costs the consumer appears to be going down. the latest models from google and

open a i are both faster and cheaper than their predecessors. but governments across the world are also debating how to regulate a i, and it's unclear what impact these regulations will have on the business. some analysts say, hey, i wrote the measurable impact on national economies until 2027. so perhaps the time is what will make the difference and reveal of a i is boom or bust fence and monahan elgin's era for counting the cost. what companies and governments around the world of waking up the costs and benefits of all sufficient. intelligence integrating a i into a company's business systems isn't cheap research fund. got the estimates, the cost to be between $5.00 and $20000000.00. it also protects that's 30 percent of these projects could be abandoned by 2025 due to the expense box. there might also be much to gain consultancy from p. w. c. estimates that a i could have made a 16 trillion dollars to the global economy by 2030,

but with big changes come big disruptions. the only a map says that 40 percent of old jobs will be affected by a i. in some cases, it will make those jobs much more productive and all those low it could displace workers as many tasks previously done by people i've taken over by computer programs. all these changes were impact everywhere and everyone in the same way, developing economies are likely to face less disruption from a i compared to developed ones boss. they may also miss out on a lot of the games, potentially whitening global wealth and equality. with south korea is experimenting with a i in one of its busiest subway stations with foreign tourists in the capital. the new service can interpret several different languages in near real time using the technology units. kim reports from sol, what the subway station here, and saw where a new ai in naples service window has been installed. it's able to facilitate

simple exchanges and 12 different languages excluding korean. let's go check it out . hello, where is the nearest bathroom? from here? the system translates the speech to text in near time on the screen. i don't, if you look to the right you'll find the bathrooms, the station master provides an answer in korean, which is translated into the inquiries language. the station was selected as a test bed, as it's most frequented by foreign passengers. of all metro station says just it will be no one, but it's always at the moment when approached by a phone visitor in the past, i'd become frozen with fear because i don't know how to speak their language. now i have confidence that i can provide friendly and accurate information. thanks to this new system. i'm very pleased with us. we're still at all the a as the so will undergo 4 months of testing before being rolled out. more subway stops across sol, possibly on smartphones as well. meanwhile, cell 3 is that like tonics giants comes from, says it will roll out it's,

and that's the series of galaxy smartphones with a built in a translation service. and yet another example of how artificial intelligence is being folded into our daily lives unit skim all to 0. so all right, let's bring a panel of experts from london to joint by touch with duke. she's the founder of diverse, a i a full of program manager for responsible a i at google from sidney, but joined by toby walsh, a professor of a i at the university of new south wales, a institution, and from london in which a managing director of liberty sky advisors, welcome to you will touch it. let's start with you. as a i grows. it to appeal is undeniable. it's no doubt here to stay, but is it a good thing? is it going to benefit each and every one of us, or is it going to benefit a few? a lot of this much cora. well, that depends on how it's being deployed and beautiful, that if it's the properly responsibly and using responsible principles,

it will benefit everyone. the kind of stage the it's been developed. um it's been moving really, really fast. the industry has this much of move fast and break savings. i think the mindset of apologize laser as well, i'm about so mindset and the people will be less be if we change the will of motion right now, i'm changed to pay stuff. we're definitely a i technologies, especially generally today i technologies, i mean i, technologies that seem to be so positive, human intelligence with a big question about that. and if the whole mindset is changed and we'd be kind of what the, the system is a bit slow. i'm bringing everybody on the table and part of it, as part of the decision making process is designed to the testing of the impact of all the uses across the world that it will benefit everyone in society. toby, what's, what's your view on this about whether it is

a good thing is it's going to be good for a few minutes and we were all sort of getting familiar with it. now we're encountering things like chat g tube, g, p, t. it's, it's in some of our cause a how much more willing influence on lives going forward. i think in the future it's going to be hard to imagine our lives with out of intelligence. but it's about us making the right choices. now this is not, the 1st technology is disrupted our lives and it's about ensuring that the wealth isn't comes. traces is as review and i think there's increasing recognition my among civil society events, politicians amongst the public. the, just as the drop of barons initially captured the wealth and industrial pollution. so we need to make sure that these digital roger rubber bands that also capture the wealth of the start revolution. a deal a, an a i skeptic. if i can put it like that, at least in terms of the amount of money that's being spent and invested in

a r i at its practical use, this is a i just a flash in the time, or do you think it, it, it does, do you agree with toby that it has the potential to impact all of our lives and, and we, we, comp, we won't be able to imagine how we have lived without that. well, funnily enough, i think what you'll have, you'll have both. i mean by that, is that your, why i am a skeptic find you on a i is the quite frankly, he's saying that you provide the average base 5 average good, big 5 dollars for many people votes. and i think you recall highlights that quite, quite frankly, i just sort of be able to handle the tests, but humans do at the moment and it's very hard to see about. we're trying to get an immediate future. i think there, when it comes to way i use technology i and way i see it is really that i will be used maybe more as a cost saving measure and unnecessarily as that new generation. and it's just like

skeptical about how i did it with this sort of the opposite, the values of all the economy. i think many times we use it to reduce jobs and you're seeing scenarios, for example, such as out to customer service and so forth. i think the accusations are in which the idea that outpatient intelligence will drive you brand new growth raising some 1st. i think that's quite possible and i would look at it quite frankly. i, i highlight 2 things. one a is the, with us would love to acknowledge useful terms of what happened is the big one. the rest may change since human behavior from actually implementing the technology. for example, you know, well what happens is that people produce more e mails, certainly leads with increasing productivity. i also boxed that just simply because so the people's behaviors change. i think the 2nd thing is look at what's happening, for example in the us. and we've just been using ai over the past few decades of the as far advance so,

but at least that income cost is now actually pulling back from a on because it said, it just doesn't really deliver what it is hurtful. and as far as markets are concerned, and do they really understand the potential pitfalls of the, of a i, along with its benefits is what's going on at the moment. we will this investments in the way that markets are excited about, about a, just another bubble. well, i think you can see that market didn't really know why just the reaction, right, have window valves, the model events where when it comes to air demonstrations fixed on the day when our have a hitch and it's presentation on i over a $100000000000.00 by itself, the mockery capitalization of alphabet in 2 days. i'm here by some extreme reaction, but what i think it shows is that quite frankly, investment novelist at the moment don't really have any idea of whatsoever. oh,

what could be the potential of a i at the moment is pain is driven by a huge. so the i'm, i'm gonna argue i'm but also as well. but when it comes to the fundamental technology is not really a big amount of understanding within the financial markets to, to what you, what do you make of what, and what site should the development of a i, b, is unsettled. it's, i mean, currently that is very to the other side of the how companies are integrating a i into the interactions with us, the public as an advocates of a, i do believe that it needs from regulatory oversize in its development and uses particularly now in these early, early days has been here for a long time, over 222 decades ago. and we've been saying lots of a, i went through some, some of this over the years. right. and so this buffalo that we're talking about is

that the 1st time what happens is a bubble where, you know, a, i promised as much and investors get really excited, come so much money into it. and then people's the same invest as and, you know, organizations kind of like he's facing a i because the capabilities and the promises would not send them to take the money out of it. so right now we're back in the spring on a i some of some people say um regulation has been here for a while. like, you know, for the past couple of years we have a, a, we had a job items um, executive order on a, on and off countries across the world. especially in the western side of things have been definitely open a regulation. um, so, but to your questions in like you know, how much do best is really understands the pitfalls of the i think it's really small. i think there's a very lot um general lack of understanding of how the icon in pre people's lives. um, there's a lot of excitement around the business premises of a i. so it's um,

it's almost like a chicken and egg problem. right. if we're not bringing people along, i'm bringing communities along. i'm thinking about, i'm thinking beyond the business in pennsylvania, i to the benefits of a and that's why we're having issues with people are scared about death displacements for me. i, i'm scared about the, i just, you know, taking over their lives and they have the full control imputes into it. and if we don't change the wheel again, like i said before, that's, that's going to be a lot of houses besides, you're already seeing that. now, and there's always so much regulation can do, because there's lots of politics involved in this is really use the, the economy. a lot of, you know, governments, i'm really interested in the capabilities of the i, by the same time, there's lots of homes that's happening to people and people from watching the lights aside season young people as well. but other people that people are not really getting to share files and some of some of it makes it, makes it into the media. for example, it was a teenager from florida a couple of weeks ago, the tickets online, because he was having to buy toes interaction with an a. i shop boss and i'm

a product. so, and the 1st the head of this i'm regulation still exists right now. but it's not able to stop these horrible things from happening to people. toby, do we need to regulate a, i mean, one of the day just told you highlighted some of them there. what are the challenges for uh for, for lawmakers as they deal with, with the technology, the old such great potential, but also poses such a great threats. and also how do you regulate an industry which is growing so rapidly and changing so rapidly? 100 percent, we do need to regulate, say on your largest comes companies, market capitalization on the was say, uh tech companies used to be, they were ex banks and oil companies. now the tech companies and last businesses always have to be regulated. so yes, we do really have to write them at the end. it's interesting to see here we already

started. see, the beginnings of that you, i act as a good example of what we got to start say, which is the politicians the public are waking up to the idea that this is probably large business, added to the benefit of the public. it needs to be regulated and this immense financial pressure, um its a $1000000000.00 a day and it's been invested they, i, i pretty, i, the company behind charge of the j. fos, destroyed company. and the in the history of capitalism, they went from no income to one year later, a $1000000000.00 any allies, but i've never yet, we have never seen spot such spectacular results. but equally, but is there a significant risk, the risk for a very obvious the risk to our democracy? are these companies across national boundaries, the of the wells useful nations and they could see their disrupt all very like to

purchase. so yes, we definitely do have to regulate um and it's, it's easy to do so because either they only get act, you know, icon is according to the privileges that we get for the term being well. regulation stifle innovation to. well, that's the what we saw would if we would carefully, we wouldn't happen if we didn't a, we've, for the last 20 years. we. so if we regulate to that would start to imagine was probably true 20 years ago. it's not true today. date, if we don't regulate, we will stifle innovation in the future. the public, we're trying to get some workmen drive so many bad outcomes, but it will start for the innovation. so indeed, i think many people engage. i know, i know many of the people who work in google working, microsoft watching open i, they would welcome some regulation. the moment is a race of the boss and they would actually say, you know, we try to do these things because we choose to do that. and we do that because often practices,

the guides and some of the successful floor in these behaviors. and they would welcome to more regulation. and where do you stand on, on regulatory oversight? have government spend too slow and at least taking a view? i don't think that's necessarily the case. i mean, you go yeah, you do have a lot of change that's coming through when things do seem to, to change on your monthly basis. i think a lot of the, yes, you will be quite frankly, coming some regulations not having to put a handle on what the progressions all of this technology don't media and starting to get. and this is something that you see when it comes to the tech sections of all over the past 15. 20 is not like supervisor, google and facebook and so forth. and so it was definitely a known issue that you've got when it comes regulation suspects. actually, what will happen is that in some ways, with this technology and it goes back to what you were saying, because the markets in a way will recognize themselves. and what do i mean by that?

well, i think it will become pretty clear. so the markets over the next few years and more i'd say business is why i technologies would come, which quite frankly, a waste of money i'm. i think there's some areas that i'd say i has to potentially impact for example, science, big publishing. i mean, let's see to go through masses of data in a very short amount of time and all of us come up new medicine, some new applications. and i think. ready people would see that as i posted sides the, i think the ways that many companies are thinking about it and moving. and i'm saying to them to start making him some out a i can and peers things. i think i'll ask the heights and i think what will happen with those companies is to be an initial stuff, an investment, little compared with many realize it to some what then what will happen is they will back off themselves and lead to is a situation i think this is a good number of years. what happened is i will get channelled into sudden areas

where they just have a major impact. but in other areas, quite, quite frankly, it's impacts is i have a i don't, i think the funding stop and go back to the point i would go back to the seventy's . that was, yeah, i went to the 5 year old prices like a g stock, close japanese economy, both drink when money is pulled for the phone and because of the minds so much money in order to push through all the changes. and what happened is i by itself, so the focus is unhappy is we'll stop touching a tribute was talking about one company in particular, the company behind check g, g b t was dominating the field of the. but what about it in terms of national interest here? who's going to win the race, the dominated a uh, is it going to be the u. s? is it going to be silicon valley isn't going to be china?

is it gonna be someone else? i think i think this does quite obvious. um, i mean, since somebody has been leading this race, most of the companies all face didn't seem to come valley with the i hope it out. there was a bit of a problem with it, you know, and the only advocated because, you know, the people in europe. the complaint is that if we keep these regulations the spanish channels, it gives us because the us to come up with such have t regulations to stifle innovation. the yeah, still the, it was changed a little bit. i think it's a bit more from the bull. i mean, part of the problem we have is, is just the concentration of the companies coming from the us. china is also due to a lot of things. we don't really get to hear so much about what's happening in china, but we know this is all around computer vision and facial recognition. and um, you know, the people in china, from what we hear, it's not really how to transfer the ai, ai systems of the shows into their faces. literally, in europe we have very few companies that are working on a,

i am part of it is really these investments, right. especially when we're thinking about a new way to be on. i think it's important to see the difference between the traditional ai, ai net in the past, which is still working today like predictive machine learning, you know, using it's a full cost of data analysis. a lot has been here and people happy be using this mrs. happy using him is full, but then generate to me, i came along from open a i and then the a i obviously these thoughts and then all the other tech companies, how to, you know, shows, shows somebody to invest as and it was community to pressure and generation airlines coming up with so much promises that they are unable to deliver. and that's where the problem, the problem really lies is there's so much expectations around to know who they are . i believe generated they are at the station, they'll be the experimental for it should still be in the research on it shouldn't be put inside surprises just yet. people can still run pilots with them and test them out, but do not put so much investment into them considering the amount of investment through plan to build one large language model for instance,

which because of the for being a, for $1000000.00. okay. i'll be back with you in just about that, but here's something else to think about. all this emphasis on a i may have an impact on the environment. electronic wasteful e waste is projected to increase a 1000 full by 2030 losely due to the demands of a i. that could be as much as $5000000.00 tons of material, but it's difficult to dispose of. the waste is already at record levels. much of it toxic, i don't, the around 12 percent of it is currently recycled. to be that, and that's an issue that many people want a thought about really with, with, with a i the bay focus on the positives. i suppose this comes down again to regulation, doesn't have the impact that is going to have on the environment. should the be a individual state level laws that are put into place, or should that be a global agreement on, on what happens not only with the development of a i, but also its environmental impact. i'd be worried about the global agreements. it's

very hard for the countries to great, but yeah, we should be a 100 percent worried about by all these extra analysis, the environmental costs, the energy costs, the, the costs is as low, so the cost some pricing the day. so yes, these are things that we should be worried about. um these extra, haas is the market and hopefully pricing. these are things that you, we really have to care about because they gain to have long term impact on the benefit, the net benefits that we get. may i don't know, and how worried about all you have about, about a i, we've been talking a lot about the positive impact the a a is going to have on, on all of us. how concerned are you particularly about this issue of regulation and whether we're the governments of moving fast enough to get a handle on it's, it's, but it's disruptive potential as well as it's, it's positive once a. well, i mean somebody i spoke to the just the said i,

i'm quite skeptically not. i'm not too worried about you. and today i use the technology. i think there are definitely invitations for me. um, but you will have stations on the sides. the me to go back to the last point in terms of the environment. what i would say is, you could say, this toby at how much next is you can also say the cost is what's happening with a i is actually type of charging innovation in areas like you run in june is all the companies to get more home to put in investment and i think actually not supposed to side to given the issues that we have with energy infrastructure. i'm my feeling is, is the where the risk and risk drops the all at the moment. oh, we have to there's always a tendency and we've seen this before, so the didn't have to do something. now. i think with a i, i don't think that's necessarily the case, but we can do is that we do have time to see how things develop. same or all the things we have. uh, so the 30 most issues, okay. i'm things by quite frankly,

pays have been of a heights. and i'm, what i'm concerned about is that if we still have decided that we got to invest regulation. now, at this point, what will happen is we're lucky might be elation. people tend to be long lasting. and then what will happen is a few years down the line. people realize a little bit low is not regulation, but, but it was never seen at the top. i'm sorry, we're out of time. many thanks for the it was fascinating discussion really enjoyed that. told you toby, in manufacturing dates of being with us on counting the cost. and that's our show for this week. if you'd like to join the discussion on a i, i'm at a fairly good on x. try to remember to use the hash tag agency, or you can drop us a line counting the cost out of a 0. don't that is our email address, as always, was plenty most viewed online at alpha 0 dot com slash ctc. that takes you straight to a page, and then you'll find individual reports links out into additions to,

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