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The U.S. Senate want to regulate Artificial Intelligence.
Senator Chuck Schumer kicked off his “closed doors” AI Insight Forum yesterday.
The event was attended 22 tech industry insiders including…
- Elon Musk @ Tesla
- Bill Gates and Satya Nadella @ Microsoft
- Sam Altman @ OpenAI
- Jensen Huang @ Nvidia
- Sundar Pichai @ Alphabet
- Alex Karp @ Palantir
- Mark Zuckerberg @ Meta Platforms
The conversation between the Senators and Silicon Valley insiders were confidential. They were not broadcast on CSPAN. And there is no public record of the conversation.
However, several of those attending the AI forum talked with the press before or after the meeting.
Elon Musk arrived around 10am – driving a Tesla to Capitol Hill. And spent several hours talking with U.S. Senators in private session.
Analysts predict Tesla’s Artificial Intelligence initiative could add $500 billion to the company’s market cap.
Musk told reporters that he supports a federal agency to oversee AI. And he warns of the dangers of this new technology…
“The consequences of AI going wrong are severe so we have to be proactive rather than reactive. The question is really one of civilizational risk. It’s not like … one group of humans versus another. It’s like, hey, this is something that’s potentially risky for all humans everywhere.
Meanwhile, OpenAI CEO Sam Altman explained…
“This is sort of an important and urgent and in some ways unprecedented moment. And that I think we really need the government to lead.”
Senator Schumer is taking a proactive approach to understanding AI.
The Senator from New York started the forum with public comments – saying…
“AI is here to stay. Congress must play a role, because without Congress we will neither maximize AI’s benefits nor minimize its risks. We know this won’t be easy.”
Plus, in a recent interview he explained…
“AI is going to be the most transformative thing affecting us in the next decades. It’s going to affect every aspect of life. It has tremendous potential to do some really good things: cure cancer, make our food supply better, deal with our national security, help our education.
It has tremendous potential to do bad things: allow continuation of bias, throw many people out of work and even let some of our adversaries get ahead of us.”
It appears that Silicon Valley is embracing working with the U.S. government.
The CEOs of these tech giants know that the U.S. government is going to get involved. They want to have regulatory supervision of this new breakthrough technology. And they’re choosing to “play ball” and cooperate with Washington.
On the surface – this may seem unexpected.
However, government regulation will support the incumbents. It will help solidify the stronghold of big tech companies like Meta Platforms (NASDAQ: META), Alphabet (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT). In many ways – this helps assure their future growth.
At the same time – regulation will create roadblocks for new companies.
Regulation obstacles make it more difficult and costly for new players to develop AI. And that in turn secures the future for the established players.
Frankly, that’s why 22 tech executives flocked to Capitol Hill on short notice. They know regulation is coming. And they want to influence the regulation to protect their businesses – and restrict competition.
So, who benefits most from this new AI revolution?
Tesla could be at the top of the list – with its new Dojo supercomputer.
It’s all part of Elon Musk’s Secret Master Plan.
Yours in Wealth,
Ian Wyatt