Nobel Prize Winner Envisions the AI Economy of the Future
Nobel Prize Winner Envisions the AI Economy of the Future
After WormGPT, FraudGPT Emerges to Help Scammers Steal Your Data
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The Coming AI Economic Revolution - by Nobel Prize winner
After WormGPT, FraudGPT Emerges to Help Scammers Steal Your Data
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The Coming AI Economic Revolution (key takeaways)
In June 2023, a study of the economic potential of generative artificial intelligence estimated that the technology could add more than $4 trillion dollars annually to the global economy. This would be on top of the $11 trillion that nongenerative AI and other forms of automation could contribute. These are enormous numbers: by comparison, the entire German economy—the world’s fourth largest—is worth about $4 trillion. According to the study, produced by the McKinsey Global Institute, this astonishing impact will come largely from gains in productivity.
…By the beginning of the next decade, the shift to AI could become a leading driver of global prosperity. The prospective gains to the world economy derive from the rapid advances in AI—now further expanded by generative AI, or AI that can create new content, and its potential applications in just about every aspect of human and economic activity. If these innovations can be harnessed to….
….encourage AI’s widest possible implementation, both within and across different sectors, especially in areas that tend to have lower productivity; and ensure that firms and sectors undergo necessary process and organizational changes and innovations to effectively capitalize on AI’s potential.
….why the AI revolution is so important. It holds the potential for a digitally enabled surge in productivity that could restore growth momentum by easing the supply-side constraints—especially the shrinking labor pool in many countries….
….Unlike many previous AI innovations, which were tailored to specific functions, the Large Language Models that underlie generative AI have a strong claim to be a truly general-purpose technology.
Generative AI has several features that suggest its potential economic impact could be unusually large. One is exceptional versatility. LLMs now have the capacity to respond to prompts in many different domains, from poetry to science to law, and to detect different domains and shift from one to another, without needing explicit instructions.
Moreover, LLMs can work not only with words but also with software code, audio, images, video, and other kinds of inputs, as well as generated outputs—what is often referred to as “multimodality.” Their ability to operate flexibly among multiple disciplines and modes means that these models can provide a broad platform on which to build applications for almost any specific use.
…LLMs are also noteworthy for their accessibility. Because they are designed to respond to ordinary language and other ubiquitous inputs, LLMs can be readily used by nonspecialists who lack technical skills.
…Within the next five years, AI developers will introduce thousands of applications built on LLMs and other generative AI models aimed at highly disparate sectors, activities, and jobs…
…Among the most promising uses of generative AI in the broader economy are in digital assistant systems for the workplace…
…In other words, the AI assistant was able to markedly close the gap in performance between new and seasoned (support)agents, suggesting generative AI’s potential to accelerate on-the-job training…This leveling-up effect on employee performance seems likely to become a general consequence of the advent of powerful AI digital assistants in many parts of the economy.
…According to the McKinsey Global Institute’s June 2023 report, generative AI has the potential to automate activities that currently take up 60 to 70 percent of workers’ time.
…But the largest effect of AI on the economy overall, involving about two-thirds of occupations, will be to change the way that work is performed, as some constituent tasks—on average about a third—are augmented by AI. Occupations in these fields will not go away, but they will require new skills as people do their jobs in collaboration with capable machines.
…across fields from scientific research to software development and a host of service functions, the potential economic benefits of LLM-based applications seem extremely large.
…Moreover, the AI revolution has unleashed an intense period of experimentation and innovation that could add much more value to the economy.
by James Manyika & Michael Spence winner of Nobel Prize in Economics in Foreign Affairs(tap to read)
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After WormGPT, FraudGPT Emerges to Help Scammers Steal Your Data
The arrival of WormGPT and now FraudGPT signals that hackers are seizing the opportunity to create AI-powered chatbots to facilitate cybercrime and scams.
Tech companies aren’t the only ones scrambling to create AI-powered chatbots. Cybercriminals are getting in on the action, too.
Earlier this month, a hacker was found to be developing WormGPT, a ChatGPT-like bot that can help buyers create phishing messages and malware. Now security researchers have spotted another evil chatbot, this one aptly named FraudGPT.
The developer of FraudGPT began publicizing the malicious chat program over the weekend in a hacking forum, according to cloud security provider Netenrich. “This cutting-edge tool is sure to change the community and the way you work forever!” the developer claims.
The developer of FraudGPT didn’t respond to a request for comment, making it unclear what large language model the program is using. But the bot isn’t cheap. The developer is charging $200 per month to use the malicious chatbot, making it more expensive than WormGPT, which asks 60 Euros per month…
Enjoy, SBalley Team!