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AI Will Ad $4.4 Trillion to Global Economy Annually

AI Will Ad $4.4 Trillion to Global Economy Annually

Plus EU passes the AI Act

Nathaniel Whittemore
June 15, 2023

The AI Breakdown First Five - Thursday June 15, 2023

Today on the First Five:

5. AI to Add $4.4 Trillion In Global Economic Value?
4. The Open Source LLM Timeline
3. Google’s Latest AI Announcements
2. Should Section 230 Apply to AI?
1. EU Passes AI Act

5. McKinsey Report Bullish on AI’s Economic Impact

A new report from McKinsey has some very interesting guesses about the future potential impact of generative AI. Their analysts believe that AI could absorb tasks that consume approximately 60-70% of employee time today, leading to an annual productivity increase of 0.2 to 3.3% overall, and trillions of dollars in new economic value.

McKinsey report finds generative AI could add up to $4.4 trillion a year to the global economy

The $2.6 trillion to $4.4 trillion figure marks a huge increase over McKinsey's previous estimates of the generative AI field's impact.

venturebeat.com/ai/mckinsey-report-finds-generative-ai-could-add-up-to-4-4-trillion-a-year-to-the-global-economy

4. The Recent Timeline of Open Source AI

Since the full leak of LLaMA open source AI has been on a tear. A recent Google employee’s internal memo even argued it was going to crush Google and OpenAI eventually. Others are somewhat less sure of that fact. Either way, the conversation is getting more nuanced.

In the wake of LLaMA, the deep learning research community quickly adopted the view that open-source LLMs will rule the future—reproducing open-source variants of proprietary models seemed to be easy and cheap. Is this the truth? Here’s a brief timeline of model proposals and… twitter.com/i/web/status/1…
— Cameron R. Wolfe, Ph.D. (@cwolferesearch)
9:55 PM • Jun 14, 2023

Here's how I think of open-source LLM vs top proprietary ones:
1) Open LLMs will improve at an accelerating pace.
2) However, their gap from the best commercial models will continue to *widen*. This is because OSS community is decentralized and chases different objectives, but… twitter.com/i/web/status/1…
— Jim Fan (@DrJimFan)
4:54 PM • Jun 14, 2023

3. Google’s Latest AI Announcements

Google made a slew of AI product announcements yesterday, including an ad placement AI to automatically place advertiser content in the places most likely to convert; a virtual try on tool that allows people to customize the person trying on clothing items; and a new Lens feature which can identity skin conditions.

Google Lens just got a massive update. 📸
Here are 8 ways Google Lens uses AI to help make your life easier:
— deiniolb 🐻👉 aisuite.io (@danberridge)
2:13 AM • Jun 15, 2023

2. No Section 230 For AI

Section 230 of the 1996 Communications Decency Act means very different things to different people. To internet freedom folks, it has been absolutely integral to the free and open way the internet has evolved. To politicians, its a constraining noose that limits their regulatory abilities. Now, a Bipartisan duo has introduced legislation saying that Section 230 — a provision that limits the liability of platform creators for what users do on their platforms — should not apply to AI.

Senate bill would hold AI companies liable for harmful content | Engadget

A Senate bill would prevent AI companies from using Section 230 to avoid liability for content..

www.engadget.com/senate-bill-would-hold-ai-companies-liable-for-harmful-content-212340911.html?src=rss

1. EU Passes AI Act

Europe has passed some of the world’s first comprehensive AI legislation. The rules include things like no live facial recognition technology, a ban on biometric scraping and a risk assessment process that needs to happen before models are deployed.

It’s heartening to see that the latest draft of the EU AI Act has a carve out for open-source. And much of it is limiting government usage of AI such as prohibiting Chinese-style social scoring.
I’m starting to think that these legislators are largely reasonable (hot take).
— Amjad Masad (@amasad)
3:35 AM • Jun 15, 2023