I’m an Investor in OpenAI – Here’s What Other Investors Should Think About AI’s Biggest Risks and Benefits

While AI has been around since the 1950s, it only recently became a household name with the launch of OpenAI’s ChatGPT less than two years ago. As an investor in both OpenAI and xAI, I constantly wonder about the ethics of this new technology, how smart it is and whether it is the best way forward for humanity. As a test, I asked ChatGPT his opinion on Artificial Intelligence (AI) applications in today’s society, and this is what he had to say:

“As a model of the language of artificial intelligence, I do not have my own opinions or beliefs. However, I can provide an objective analysis of AI systems in today’s society. AI has brought many benefits to society, such as the improvement of efficiency, accuracy, and decision. -making processes has contributed to the development of research of medicine, transportation, and other industries. However, the deployment of AI systems in today’s society also presents potential risks, such as job displacement, privacy concerns, and the possibility of ethical discrimination. Therefore, it is important to ensure that AI is developed in an ethical and responsible way to reduce these risks and ensure that the technology benefits society as a whole. In short, AI systems have great potential to have a positive impact on society, but their deployment must be done with careful consideration and ethical responsibility.”

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While this response indicates that AI is still robotic and objective in its ways of “thinking,” it is, in fact, intimately aware of the ethical concerns associated with its use. At this critical point in history, where we sit on the precipice of AI adoption, it is not yet clear whether AI will be our savior or our villain. Ultimately, it comes down to the responsible use and management of AI systems.

As an investor, I am in a unique position to be able to help push these new AI companies forward. In the past two years, we’ve seen a “gold rush” for AI startups. Many have proposed impressive rounds; many have wavered, and some have already seen adoption. However, the first two I invested in OpenAI and xAI are now well known. The former for its ability to tackle the challenge of global mass adoption and its commitment to building an ethical AI ecoverse.

When it comes to applications in AI, it is safe to say that humans have been striving to create tools to make our lives easier; this is not new. Historically, “mechanical muscles” and outsourcing changed physical activity. Now, we are at a point where “machine minds” will unleash a series of applications across industries. Automation has evolved from being more than physical.

A major development pushing the frontier of AI adoption is Microsoft’s continued investment in OpenAI. This partnership will lead to everything from improved Excels to AI-generated PowerPoints and more support for email management. The high-level work is now also ready for disruption.

In finance, AI can be used in a variety of ways. AI algorithms can identify patterns of behavior, such as unusual transactions or identity theft, allowing financial institutions to quickly detect and prevent transactions. AI can also analyze market trends and think about future trends, helping institutions make more accurate decisions.

While this is just one sample of industry transformation, there are certain areas of work that will be less affected by AI. These industries are the ones that operate with information asymmetry – like startup capital. For AI to work effectively, the model must have access to data. Industries whose information is private, classified and complex cannot train and build inferences in the same way as a model based on publicly available information. The power of AI depends on the amount of underlying data and models, which in turn depends on the quality of the rules set by the people creating the algorithms.

In terms of governance, we must continue to maintain an element of skepticism and cynicism as the adoption of AI increases. These tools will continue to improve, but they should not be considered an omniscient source of truth. Again, this is important because these programs only know what is in their sub-programs. As people, investors and business people, we must acknowledge the power of these systems while also considering the fact that they must be maintained. Although AI uses an ever-changing algorithm that learns from itself and information, we still have to continue to refine the rules and data sources that support these AI systems.

Related: AI Will Dramatically Transform the Workplace – Here’s How HR Teams Can Prepare for It

Diversity of thought and opinion is important to those who have the power to develop these programs. A system created by biased people will also be biased. We must maintain humane principles in program management. In today’s society, where truth seems to be self-evident, believing in these systems can be both very beneficial and very dangerous. We should avoid programming to tell people what they want to hear. It is important that people understand and respect the limitations of AI.

At the same time, just because humanity can do something doesn’t mean it always has to. We can probably replace many jobs with AI, but should we? Where do we draw the line? How do we ensure honesty and integrity in future programs and platforms? This is part of what xAI and OpenAI are committed to addressing and why I believe in and support them from the start.

AI will undoubtedly change all of our lives, but this change will only be positive if we continue to be critical stewards of truth and information. As investors, I encourage everyone to maintain a healthy dose of skepticism when investing in AI-powered solutions. Look at the people behind those programs because their beliefs are the ones that teach and drive the solution.