“By far, the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.” — Eliezer Yudkowsky, computer scientist
ChatGPT was released in November 2022.
If you’re not familiar, ChatGPT is an AI program that chats with you, provides information, and answers questions aimed at solving problems.
Today, I want to talk about the opportunities and risks of AI.
I use some of these AI programs almost every day.
They are having a significant impact on life and will continue to do so.
I recently met a software engineer who is saving 10 to 20 hours a week coding thanks to AI.
That’s pretty amazing!
AI has so much potential to help us.
But it also has sizable risks.
It’s important to pay attention to what’s going on.
AI is changing the way we work and how we interact with programs as well as computers.
It affects every industry, including investing.
We’re gonna jump right into it!
1. The Possibilities of AI
Let’s talk about the possibilities of AI.
Firstly, you can produce a ton more work.
I use it for video ideas and crafting email.
I can also turn the generated content into a text message or website landing page.
I even used ChatGPT to plan a trip to New Zealand later this year
The possibilities are not just limited to text.
I created an image of a guy on a skateboard holding a dragon just by typing a prompt.
I can even make the image in the style of Picasso with multiple versions.
And it does all of this in seconds!
That goes to show how powerful the technology can be.
Right now, ChatGPT only accepts text inputs, but eventually that will change.
You will likely be able to input video and interact with a voice.
Currently, when you call a hotline, a human will answer.
In the future, you may not know if that person is a human or a computer.
Google has even created a program that can answer calls and provide information.
There may come a point where you’ll be relieved a computer answers your call.
The technology will do away with being on hold and provide many immediate answers without asking a supervisor.
That sounds pretty great!
This is all changing quickly.
There’s now a ChatGPT app for iOS.
I think the early adopters of AI will benefit the most.
We currently don’t know all the applications with investing.
Around 90% of hedge funds are using AI and ChatGPT to analyze their investments.
They are able to input data and the AI will spit out analytics.
It’s fascinating stuff!
2. The Dangers of AI
But along with many possibilities, there are also dangers to AI.
People like Elon Musk have been cautioning people to take our time adopting the technology.
AI could potentially take over jobs from multiple industries.
This conversation has been making the rounds for many years.
I think there was an article or book that came out in the 70s that said we’re gonna be working 15 hours a week because technology would do everything for us.
Obviously, that hasn’t quite happened.
The more technology evolves, the more people will want to interact with other people.
Support needs to happen for these types of technology.
There is still a danger that AI is becoming smarter.
There’s a hypothetical event called the Singularity.
The Singularity happens when computers become smarter than humans.
Could that look like The Terminator movie?
Could it be nothing like that?
I had dinner with my friend George Gammon recently.
If you don’t know George, he talks a lot about economics and future trends.
He shared his concerns with AI.
A hostile country could create propaganda.
If you look back at World War II, a lot of propaganda came out to sway public opinion.
Today, we have something called a deep fake video.
Imagine seeing a video of President Biden saying something he didn’t actually say.
That’s a deep fake: videos that digitally alter someone’s image to make them say and do things they have never said or done.
Often, deep fakes are used for misinformation and other nefarious purposes.
But there are also people on social media, such as this Tom Cruise lookalike, using the technology for entertainment.
You can see where this could be harmful.
People use videos to prove if someone committed a crime.
What if the video was a deep fake?
George’s concern with enemy countries also applies here.
Enemy countries could release inflammatory videos depicting violence in order to stir up controversy and discourse.
This could affect any political side.
Even if the videos are eventually found out as fake, the damage would already be done.
Some are saying that we’re going from the age of information to the age of misinformation.
In the wrong hands, AI could be a real source of creating more misinformation in the wrong hands.
That’s why it’s so important to pay attention to what’s happening.
There are dangers to be aware of, but there can also be applications to your life.
3. How to Use AI in Your Life
I still think using AI will make your life better.
We try to use it in our business as often as we can.
We’re actively looking for new applications for ChatGPT.
We’re looking for other tools, and have even found some.
There’s a program called Opus Clip that repurposes longer videos into short versions.
That’s saved us a lot of time and money!
I also make sure to tell my employees that we’re not seeking out AI to eliminate jobs.
We’re just trying to become more productive.
If you’re not familiar, check out ChatGPT for yourself.
Play around a little bit.
Ask it all kinds of questions.
If you’re over the age of 40 like me, it can be hard to embrace new technology.
But I think you should pay attention to this one.
See how you can apply it.
Stay up to date with the changes.
These technologies can have dramatic effects in a very short period of time.
We’re seeing exponential changes everywhere as AI continues to develop.
Now I want to hear from you!
What do you see as the risks and possibilities of ChatGPT?
Let us know in the comments.
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Disclaimer: I am not your investment advisor. This is for educational purposes only. I am not giving specific advice on what you can do. I am simply giving my opinions.