AI failure could trigger the next financial crisis, warns Elizabeth Warren

Source: The Verge

Overview

“I know a bubble when I see one.”
That’s what Sen. Elizabeth Warren (D‑MA), who led the push to create a new consumer financial regulator in the wake of the 2008 recession, told a crowd at a Vanderbilt Policy Accelerator event in Washington, DC on Wednesday. Warren warned of what she called “striking” parallels to that crisis in the AI industry. While she believes the technology has “enormous potential,” she cautioned that AI companies’ massive spending and borrowing practices are creating a tinderbox and that Congress should step in.

Though the AI industry has grown rapidly, Warren said the pace isn’t keeping up with their spending, requiring the …

Read the full story at The Verge.