Artificial intelligence (AI) has captivated the world, with exciting new publicly available AI-driven tools like ChatGPT, Dall-E, a new version of Microsoft’s Bing search engine and an ego-bruised Google trying to catch up. Someone with basic computer skills can create anything from an original article to a photo-realistic image by typing what you want into a prompt. But is that good for society?
Here’s a closer look at the pros and cons of AI developments and if they’re good for society. If you’re interested in AI and want to add AI-assisted investments, download Q.ai today.
Artificial intelligence defined
According to the National Artificial Intelligence Act of 2020, “The term ‘artificial intelligence’ means a machine-based system that can, for a given set of human-defined objectives, make predictions, recommendations or decisions influencing real or virtual environments.”
On the surface, AI offers many benefits, but there are risks and drawbacks as well. For example, the popular ChatGPT website admits shortcomings, such as a lack of recent information and potential errors and biases. Whether or not AI is best for the future of humanity, it is on track to become a growing part of our lives regardless.
Major benefits of AI
AI doesn’t mean smart robots walking around and talking like in the movies. Instead, we’re seeing incremental progress as new applications of AI are developed and deployed to businesses and consumers.
One of the most obvious benefits is the ability of AI to quickly analyze large amounts of data, such as financial reports or news articles about public companies. In practice, this is highly useful in investment management. For example, Q.ai relies on a unique combination of humans and AI to give you access to cutting-edge investments.
Another example in the financial sector is fraud prevention. AI systems constantly monitor transactions for suspected payment fraud, with advanced features to flag potential fraud or stop transactions before approval. Computers constantly analyze your purchase activity, and if something seems off, it may be deleted by the computer faster than any person could react. If you’ve ever received an email from your bank or credit card company about a suspicious transaction, it could have been detected by AI.
Other creative uses of AI
But that’s just scratching the surface of what’s possible. For example, AI machine learning applications review large data sets looking for patterns that may search for healthcare solutions, analyze climate data or create the most efficient distribution network. AI models are deployed in industries such as technology, telecommunications, healthcare, retail, banking and financial services and manufacturing.
But while AI offers seemingly miraculous results, there’s also a potential for serious errors, misuse and harm. It’s also important to understand the drawbacks of AI to avoid negative outcomes.
Potential drawbacks of AI
While AI may lead to major benefits, it’s also important to proceed with care to avoid good intentions leading to bad results. Many computer and technology experts, such as Stephen Hawking, have shared worries about self-developing AI systems. He once stated, “I fear that AI may replace humans altogether. If people design computer viruses, someone will design AI that replicates itself. This will be a new form of life that will outperform humans.”
The risk Hawking refers to relates to a concept called “The Singularity.” According to this theory, there’s a potential future date when computers will become better at building themselves than humans, allowing them to constantly upgrade and improve, eventually becoming far smarter than humans. Hollywood blockbusters like The Terminator, The Matrix and iRobot all center around this worry.
But these fears will likely remain in fiction, particularly if computer programmers take care when experimenting with new technologies. In the short term, however, we already see some problems.
Users report that AI-assisted chat systems have suggested dangerous activities, and can be used in nefarious ways. Just as high school students can use ChatGPT to cheat on an essay, cybercriminals can use it to create phishing emails. Like any other tool, AI can be used for good or bad. In this era, staying aware of capabilities and ensuring people always have access to an off switch is most important.
Investing with AI
You don’t have to be a millionaire or computer scientist to access cutting edge AI-investments. Q.ai Investment Kits include stocks and ETFs, with AI helping choose investments by theme. For example, if you’re into AI, you may like the Emerging Tech Kit, which may include companies working with artificial intelligence.
When investments turn south, intelligent features like Portfolio Protection can kick in to prevent losses. That’s a unique combination of features poised to revolutionize how you invest.
Moving toward an AI future
Whether you like it or not, AI is here and here to stay. With responsible development and use, AI can vastly improve our world. Before you know it, you could live in a world with robot maids, self-driving cars and custom medical treatments made just for you. But you don’t have to wait to use AI for investing. If you’re looking for a new way to attempt to beat the markets, Q.ai could be a great fit for your investment goals.
Download Q.ai today for access to AI-powered investment strategies.