By John Sarson, Sarson Funds
In an important step, President Biden has signed a comprehensive Executive Order to oversee and regulate the implementation and growth of Artificial Intelligence (AI) across the United States. This move holds immense potential implications and intentions that warrant thorough examination:
- AI Safety and Security
The Executive Order stresses the need for stringent safety tests and documentation for AI technologies, targeting those that could pose a threat to national safety or public security. The Order also outlines defenses against the misuse of AI, especially concerning the creation of harmful biological materials and AI-assisted fraud.
- Privacy Safeguards
Special emphasis is placed on maintaining privacy during AI development and use. The Order calls for assessments of how agencies obtain and utilize commercially available data.
- Equity and Civil Rights
The move aims to ward off the amplification of discrimination and bias by AI systems and champions equitable practices across the criminal justice system.
- Consumer Protection
The Order is designed to shield consumers from possible AI-induced harms, while endorsing its advantages, particularly in healthcare and education sectors.
- Workforce Impact
The impact of AI on labor markets is recognized, and provisions are made to support workers and lessen potential detriments.
- Innovation Promotion
The Order sparks research and progress in AI, fostering a competitive AI environment and encouraging the influx of global talent through visa customizations.
- Global Leadership
It sets the course for advancing international partnerships on AI, fostering the worldwide safe and responsible use of AI.
- Government Use of AI
Guidelines are established for the governmental use of AI, focusing on rights protection, cost-efficiency, and swift hiring of AI experts.
While this Executive Order aims to confront many of the primary challenges linked to AI development and use, it is of utmost importance to ascertain that these rules are effectively implemented and fulfill their projected aims. Constant monitoring and evaluation of these rules’ effects will be necessary as they come into effect. In addition, maintaining a balance between fostering innovation and ensuring safety, security, and ethical considerations poses a considerable challenge in the rapidly evolving sector of AI. We have already seen this order negatively impact the share price of several publicly traded AI companies and token-based AI projects. At Sarson Funds we are watching and evaluating the impact that this order may have on the growth of AI companies and projects.
The purpose of this order is to ensure that America leads the way in the development and management of artificial intelligence (AI). It requires new safety assessments and focuses on equity and civil rights. For more details, please check the White House Briefing Room.
Disclosures: Not investment advice. It should be assumed that Sarson Funds or its affiliated managers hold positions in all projects that are discussed. It is not possible to invest in any project directly through Sarson Funds, Inc., or its affiliated managers. Any investment product offered by managers affiliated with Sarson Funds should be assumed to be only available to Accredited Investors and subject to the individual terms and conditions of that offering including but not limited to those eligibility requirements associated with U.S. Securities Regulation D, section 506c. Talk with your financial advisor before making any investment decisions or have them contact Sarson Funds directly at [email protected]