This is an audio transcript of the FT News Briefing podcast episode: ‘Can artificial intelligence grow safely?’Marc Filippino Good morning from the Financial Times. Today is Friday, October sixth, and that is your FT News Briefing. [MUSIC PLAYING]We could be in for a slowdown in at the moment’s US jobs report. And the bond market went haywire this week. Plus, widespread AI bots like ChatGPT are beginning to look and act extra like people. But are we prepared for that? Madhumita Murgia We nonetheless don’t know why and the way they work. We don’t know why they produce the responses they do, and we really discover it fairly tough to regulate them. Marc Filippino I’m Marc Filippino, and right here’s the information you want to begin your day. [MUSIC PLAYING]Now, let me be clear earlier than I say this subsequent factor. These are simply estimates. But US jobs progress is anticipated to have slowed in September. Bloomberg surveyed a bunch of economists. They projected that at the moment’s knowledge launch would present US employers added 170,000 new jobs in September. That’s a step down from August’s improve of 187,000. The US Bureau of Labor Statistics will launch the precise figures at 8:30am New York time. [MUSIC PLAYING]Central banks say that rates of interest must stay larger for longer to get inflation underneath management. But the concept of a prolonged interval of excessive rates of interest is making traders nervous. Stock markets have tumbled and long-term bond yields have soared over the previous few weeks. I’m joined by the FT’s markets editor, Katie Martin, to make sense of all this. Hey, Katie. Katie Martin Hey. Hey, Mark. How you doing? Marc Filippino I’m doing all proper. I’ve this pink newspaper factor in entrance of me. I don’t know in case you can hear it, however on the entrance web page it says: Bond sell-off deepens as excessive charges prospects spook markets. Katie Martin Yeah. Marc Filippino Why, like, why is that this occurring though central banks are levelling off on rates of interest and inflation appears to be levelling off? Katie Martin Look, it’s a very good query, and it shouldn’t be so tough to reply, however it’s in a means as a result of, you realize, to start with, central banks have been actually clear for months and months and months that they’re not joking about this entire inflation malarkey. They’re going to push charges up till they vanquish it. Marc Filippino And you and I’ve talked about why traders haven’t been listening. There’s appeared to be this disconnect for some time now. Katie Martin Yeah, simply la la la, don’t fear. The Fed will return to its outdated methods and lower charges as quickly as we hit a spot of bother. And the Fed has been fairly clear that that’s not going to occur. But nonetheless, the market simply retains testing the Fed, I suppose. What’s really occurred is as an alternative, to start with, the market has been actually sluggish to actually get this larger for longer message. So the Fed’s been saying larger for longer, and the market has been wronger for longer and simply tried to take the opposite facet of that. The different is that what we’ve seen for the reason that summer season is a large kick larger in oil costs. And so out of the blue folks have gotten frightened that inflation will not be going to type of gently sail decrease like we’ve been hoping. You know, perhaps there may very well be a resurgence right here. And so what we’ve seen is one other large step down in bond costs, an enormous step up in yields. You know, we’ve had yields on 10-year US Treasuries and 30-year US Treasuries hit the very best ranges since 2007. We’ve seen some actually large strikes. Thankfully, as I converse a minimum of, this has calmed down, however it has been a kind of weeks and a kind of months the place folks have thought, grasp on, markets are actually not doing what I believed they have been gonna do, and that is fairly unnerving. Marc Filippino So such as you mentioned, we’re beginning to see some reduction. Katie, is that this the sunshine on the finish of the tunnel? I imply, what does this all imply? Katie Martin So what I believe all of us hope it means, as a result of we don’t like extra volatility as a result of it’s harmful in markets, what all of us hope it means is that that is changing into self-correcting. And additionally the concept is that if rates of interest get too excessive, then that’s too damaging for the true economic system. So there’s much less demand for power. So that pulls the oil value down. But the large image stays that larger for longer is lastly sinking in. And all various kinds of traders — whether or not they’re retail traders, whether or not they’re large institutional traders — are determining how they’re going to cope with that as a result of that is going to be with us, you realize, not only for the subsequent few months, however for the subsequent few years. And so that you’ve acquired to prepare. Marc Filippino Katie Martin is the FT’s markets editor. Katie and our colleague Ethan Wu had a fantastic chat about bond yields on the FT podcast Unhedged earlier this week. We’ll throw that hyperlink within the present notes. Thanks, Katie. Katie Martin No downside. [MUSIC PLAYING]Marc Filippino So are AI chatbots getting smarter? Last week, OpenAI, the corporate behind ChatGPT, introduced that it was rolling out a bunch of recent options. They promised customers a brand new and extra intuitive interface. Here to stroll us by means of a few of the updates and what all of it means for the way forward for AI is the FT’s artificial intelligence editor Madhumita Murgia. Hey, Madhu. Madhumita Murgia Hi there. Marc Filippino So stroll me by means of what’s new with ChatGPT. What can the bot do now? Madhumita Murgia So the newest releases are fairly attention-grabbing as a result of beforehand the best way that individuals have been interacting with ChatGPT is through the use of textual content or writing. But what they’ve launched lately is making it multi-modal, which suggests you don’t solely must ask questions utilizing phrases or textual content, you may ask them utilizing footage, and ChatGPT can reply utilizing photographs as properly. So you possibly can add an image of a cake and say, are you able to give me a recipe to recreate this picture, for instance. And it may analyse the picture, work out it was a chocolate cake and discover your recipe for it. The different factor they introduced is also you could now discuss to ChatGPT utilizing voice, and it might additionally reply verbally. So you may actually have . . . converse simply purely in voice with out typing something, which I believe can be an enormous change in how we type of work together with AI techniques. Marc Filippino So, Madhu, it form of seems like Siri plus Alexa plus a chatbot all rolled into one. Madhumita Murgia Exactly. You know, the best way they type of pitched it was that it might now see and listen to and discuss to you. So it’s simply a way more pure . . . like the best way we might work together with each other. Marc Filippino How produce other tech corporations responded to those new updates? Are they doing their very own updates? Madhumita Murgia Yeah, I imply, we’ve already seen over the past yr actually an explosion within the variety of chatbots in the marketplace. But even simply within the final couple of weeks, Meta, which is the proprietor of Facebook and Instagram and WhatsApp, has actually jumped into the fray. But what they actually introduced is their very own AI assistant, which shall be one thing you could entry by means of the entire totally different Facebook platforms and ask it that can assist you out. But additionally this entire bunch of AI characters which you’ll discuss to, in order that’s simply way more of like a enjoyable leisure factor. So you may have all these totally different characters, like Snoop Dogg and Kendall Jenner and a complete host of celebrities who type of voice totally different characters you could chat with and play with and type of have enjoyable with. Marc Filippino OK, this sounds enjoyable in any respect. And I’m not gonna lie. I believe I’d be entertained speaking to a pretend Snoop Dogg. But are there nonetheless considerations with AI and are they being addressed? Madhumita Murgia Yeah. So I believe they simply haven’t solved the issues that include this. As you may think about, you realize, in case you simply have an agent, a pc agent you could discuss to that may let you know something, there are a complete bunch of dangers and risks that come from that. They would possibly say dangerous issues, harmful issues, racist, sexist issues. They would possibly offer you false data. So it’s actually harmful as a result of there’s no type of filter between us and these packages. And, you realize, I’ve been talking lately to a few of the CEOs of those corporations, like Anthropic’s CEO who got here out of OpenAI, they usually say that we actually don’t know what’s occurring inside these fashions. We nonetheless don’t know why and the way they work. We don’t know why they produce the responses they do, and we really discover it fairly tough to regulate them. So I believe the protection facet is means behind the precise technical growth and the adoption that we’re seeing of AI out there. Marc Filippino Madhumita Murgia is the FT’s artificial intelligence editor. Thanks, Madhu. Madhumita Murgia Thank you. [MUSIC PLAYING]Marc Filippino You can learn extra on all of those tales at FT.com at no cost while you click on the hyperlinks in our present notes. This has been your day by day FT News Briefing. Make positive you test again subsequent week for the newest enterprise information. The FT News Briefing is produced by Kasia Broussalian, Sonja Hutson, Fiona Symon and me, Marc Filippino. We need to say a particular thanks to Monique Mulima, our intern. It’s her final day right here on the FT. Thanks a lot for all of your onerous work and good luck in your subsequent journey. Our engineer is Monica Lopez. We had assist this week from Persis Love, David da Silva, Michael Lello, Peter Barber and Gavin Kallmann. Our govt producer is Topher Forhecz. Cheryl Brumley is the FT’s international head of audio, and our theme tune is by Metaphor Music. [MUSIC PLAYING]
https://www.ft.com/content/71bcf93e-0f4d-47ef-a6cf-d41892b34e25
Can artificial intelligence grow safely?
