5 things about AI you may have missed today: Japan eyes AI guidelines, AI poses risk to financial stability, more

AI Roundup: Japan to draft AI guidelines to address overreliance, SEC Chair Gensler warns of AI risks to financial stability, and much more today.

Know what’s happening in the AI universe today, October 15. (Pexels)

A number of important events have happened today in AI space that seek to better harness the potential of this tool as well as highlight its negative aspects. Japan is to draft AI guidelines to address overreliance on the new tool; SEC Chair Gensler warns of AI risks to financial stability; Pastor who used AI for church service says It won't happen again; Creative professionals embrace AI image generators but warn about misuse- this and more in our daily roundup. Let us take a look.

1. Japan to draft AI guidelines to address overreliance

Companies and organisations in Japan will be required to take measures to reduce overreliance on AI, according to draft guidelines by a government panel. The guidelines also call for AI developers to avoid using biased data and to maintain records of their interactions with the technology. The panel is expected to finalise the guidelines by the end of the year, according to theJapantimes report.

2. SEC Chair Gensler warns of AI risks to financial stability

Gary Gensler, chair of the US Securities and Exchange Commission, has urged regulators to quickly find a way to manage risks posed to financial stability by the concentration of power in AI platforms. He warned that without swift intervention, it is "nearly unavoidable" that AI could trigger a financial crisis within a decade.

Gensler said that shaping AI regulation would be a tough test for US regulators, as potential risks cut across financial markets and stem from models crafted by tech companies that sit outside the remit of Wall Street watchdogs, according to a Financial Times report.

3. Pastor who used AI for church service says It won't happen again

After using AI software to compose an entire church service, Pastor Jay Cooper says he will not be doing that again. He found himself uncomfortable with how AI presented Sacred Scripture and did not have the "human element" through which God communicates. The service was a one-time experiment to teach his congregation about AI technology and its potential ethical implications, Fox News reported.

4. Creative professionals embrace AI image generators but warn about misuse

Creative professionals are embracing AI image generators like Adobe's Firefly and OpenAI's DALL-E, but warn about their potential for misuse. Artists like Joy Chiang find AI helpful for generating new ideas, while musician Ta-Ku uses it to enhance his photos. Both emphasise the importance of intent when using AI tools, as they can be used to both create and copy art, according to The Indian Express report.

5. India to set up 24,500 GPU AI compute infrastructure

Working groups formed by the Indian government have recommended setting up a three-tier AI compute infrastructure comprising 24,500 graphics processing units (GPUs). This will be a 15-fold increase in capacity over the highest capacity installed at present. The infrastructure will be used to support AI research and development, as well as the deployment of AI applications in various sectors, The Hindu reported.