The week in AI

Hey, it’s Mark in New York. I’ve got your end-of-week recap of AI news. But first…The Bloomberg Technology Summit will host conversations on [View in browser]( [Bloomberg]( Hey, it’s Mark in New York. I’ve got your end-of-week recap of AI news. But first… The Bloomberg Technology Summit will host conversations on AI that you won’t want to miss. [Register to attend]( on June 22 in San Francisco or virtually. Testify Artificial intelligence went to Washington this week. In his Congressional testimony, OpenAI Chief Executive Officer [Sam Altman called for AI regulation](. IBM’s privacy chief [agreed in her own testimony](. Perhaps the most memorable part of the hearing was a disclosure by Senator Richard Blumenthal that he [used ChatGPT to write his opening remarks](. Here were the [five key takeaways](. Meanwhile, in London, Bloomberg was first to report that the [UK government invited the heads]( of some of the world’s biggest AI companies to a meeting. Prime Minister Rishi Sunak [struck a cautious tone on AI]( at the Group of Seven summit in Japan and also sounded the call for regulation. (Speaking of Japan, a 32-year-old there is almost a billionaire thanks to his use of [AI to broker mergers]( in the country.) Competition with China continues to be a focus for the West. Eric Schmidt, the former Google CEO, said [Congress is alarmed](by the use of AI by China’s military. In an interview before this week’s Senate panel, Blumenthal told Bloomberg: “We can’t allow China to surpass us.” Big tech companies in the US continued their torrid pace of product releases. Alphabet Inc.’s [Google added two features]( to identify misleading images and ones produced by AI. Bloomberg was first to report that Amazon.com Inc. will [add ChatGPT-style search]( to its online store. It will also come eventually [to Alexa-enabled devices](. Meta Platforms Inc. unveiled [custom chips and coding tools](. And Microsoft’s CEO [defended his AI efforts]( against criticism from Elon Musk. New York City public schools [lifted a ban on the use of ChatGPT](, calling the initial decision a “knee-jerk fear.” There’s a [ChatGPT app for the iPhone]( now. OpenAI said it’s coming soon to Android phones. The worlds of economics and finance were grappling with AI’s implications. The Bank of England’s chief economist said AI could [help central banks make better decisions](. Steve Cohen, founder of hedge fund Point72 Asset Management and owner of the New York Mets, is “[pretty bullish”]( on markets thanks to AI. Goldman Sachs strategists said AI offers the [biggest potential boost to US profit margins](. And billionaire investors Stanley Druckenmiller and David Tepper [loaded up on stocks]( benefiting from the AI boom. Not all investors are optimistic. Blythe Masters, the former JPMorgan Chase & Co. executive who helped create credit-default swaps, warned of “[devastating loss](” if AI goes unchecked. A Bank of America strategist advised clients to sell US stocks, citing an [apparent AI bubble](. The impact on labor is being more broadly felt. Bloomberg was first to report on an [effort to unionize]( by journalists at the tech news site CNET who say AI “threatens our jobs and reputations.” The UK telecom BT Group Plc said AI will influence [10,000 of its job cuts]( by the end of the decade. In health care, the world’s pharmaceutical giants are betting on [AI to develop drugs faster](. AI is also [driving investment into health startups](, like Hippocratic AI, which hopes to use the technology to reduce medical costs. Nvidia CEO Jensen Huang has [seen his fortune double]( this year to $27.3 billion thanks largely to the excitement around AI. Nvidia’s chips are used in many data centers that run AI software. A rarely considered downside of that data center explosion: It could [create an energy crisis](. —[Mark Milian](mailto:mmilian@bloomberg.net) One to watch [Watch the latest episode]( of the Bloomberg Originals series AI IRL, covering how AI is impacting health care. The week ahead The Microsoft Build conference will take place in Seattle starting May 23. Among the speakers are Microsoft CEO Satya Nadella and OpenAI co-founder Greg Brockman. 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