Fun

Microsoft, Google, Nvidia and more filed SEC warnings that AI could ruin business

News Feed - 2024-07-05 03:07:12

Tristan Greene5 hours agoMicrosoft, Google, Nvidia and more filed SEC warnings that AI could ruin businessThe reasons ranged from cannibalizing their own businesses to releasing potentially inferior products.1763 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOver a dozen of the biggest names in the United States technology industry have filed “risk factor” reports with the Securities and Exchange Commission (SEC) indicating that artificial intelligence (AI) could threaten company finances. 


While not uncommon, these risk reports outline internal thinking when it comes to the potential pitfalls of dedicating resources and funds to the development of nascent technologies such as AI.Artificial intelligence risks


Those filing warnings, according to a report from Bloomberg, include Adobe, Dell, Google, Meta, Microsoft, Nvidia, Oracle, Palo Alto Networks, Uber and at least a few others.


The warnings, filed as risk reports, are intended to indemnify a company against legal culpability for foreseeable risks. These reports are filed with the SEC in order to ensure that they’re made available for disclosure to investors.


Microsoft, for example, filed a report indicating that its development and use of AI put it at risk of being sued for copyright infringement. Adobe said new AI products could potentially threaten Photoshop’s market viability and Meta warned that its AI tools could possibly be used to generate misinformation.


Related:Softbank lost 99% when the dotcom bubble burst, now it’s all-in on AIA model for crypto?


Big tech’s luminaries might be warning investors that their bets on AI may not pay off, but that hasn’t slowed investments. AI stocks — especially those of market leaders Nvidia and Microsoft — have reached record highs and given birth to the world’s first three trillion-dollar companies.


In the crypto world we’ve also seen highs in 2024. Many of the year’s upticks have come in response to the spoonfuls of regulatory certainty the U.S. government has sparingly doled out throughout the year. On the positive side, for example, the world’s first Bitcoin spot exchange-traded fund was approved in January.


Unfortunately, judging by the general tenor of the cryptocurrency community on social media, there hasn’t been as much progress towards regulatory certainty in the U.S. as the industry would have wished.


Ethereum co-founder Vitalik Buterin recently lashed out at the lack of regulation and clarity in the crypto industry in a post on decentralized social media platform Warpcast. He blamed the emergence and prominence of “useless” coins with “vague” stories on his belief that the less the developers of a coin say about their product, the less likely it is to be labelled a security.


From this perspective, it would seem as though creators in the crypto world are incentivized against being transparent about the viability of their products and services or disclosing any potential risks for investors and users.


By this logic, a system treating cryptocurrency and blockchain organizations more like their big tech contemporaries could result in a culling of the kinds of crypto firms Buterin refers to as “useless.”# Cryptocurrencies# Google# NVidia# Business# Government# Dell# Technology# SEC# Microsoft# United States# AI# Meta# RegulationAdd reaction

News Feed

Cointelegraph Accelerator13 hours agoHow Web3 can prevent Hollywood strikes - Replay joins Cointelegraph AcceleratorHollywood strikes echoed the unbalanced value distribution in the streaming video industry — blockchai
Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million
Tesla"s SEC Filing Shows Bitcoin Fair Market Value of $191 Million Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market va
After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance
After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance A major high street bank in the U.K., Natwest, has blocked payments to crypto exchange B
Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Capital Arm
Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Capital Arm On Wednesday, the Japanese financial holding company and principal member of the Nomura Group, Nomu
Bored Ape Yacht Club Partners With Animoca Brands to Launch BAYC Play-to-Earn Game
Bored Ape Yacht Club Partners With Animoca Brands to Launch BAYC Play-to-Earn Game On Monday, the blockchain game developer and investor Animoca Brands announced a partnership with
Cardano Founder Reveals What Will Onboard 3 Billion New Users Into Crypto
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Major League Soccer Star Kieran Gibbs Reveals Plans to Convert 50% of His Salary Into Bitcoin
Major League Soccer Star Kieran Gibbs Reveals Plans to Convert 50% of His Salary Into Bitcoin The Inter-Miami CF (IMCF) Major League Soccer (MLS) star Kieran Gibbs has announced th
Canadian crypto adoption struggles as cash remains king
Arijit Sarkar1 hour agoCanadian crypto adoption struggles as cash remains kingFor two years in a row, Canadians have shown a strong preference for cash and card payments for day-to-day purchases.474 Total views1 Total sh
Bitcoin Drops Below 200-Day MA – Next Key Support Lies At $66K According To Mayer Multiple
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Poland Confirms Arrest of Former Wex Exchange Executive in Warsaw
Poland Confirms Arrest of Former Wex Exchange Executive in Warsaw Reports of the detention of Dmitry Vasiliev, ex-head of the bankrupt cryptocurrency exchange Wex, have been confir
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets TheBitcoin.comTeam is excited to announce support for shared (multisig) wallets for Bitcoin and Bitcoin Cash in theBit
European Blockchain Ecosystem Needs €350 Million for the Next 18 Months
European Blockchain Ecosystem Needs €350 Million for the Next 18 MonthsA study report by Leadblock Partners, an appointed representative of Sapia Partners LLP, finds an accelerati