AI Potential and Perils

Russell Mohberg, MBA, CFP®

Russell Mohberg, MBA, CFP®

Co-founder, Managing Partner & Co-CIO

Chat GPT, or Chat Generative Pre-trained Transformer, is an artificial intelligence technology developed by OpenAI, a research laboratory dedicated to creating safe and beneficial AI. GPT-3, the third version of this technology, was released in 2020 and quickly became a groundbreaking new tool for chatbots and virtual assistants.

Unlike rule-based chatbots, which can only respond to predefined questions and commands, GPT-3 is a “machine learning” model that can understand and generate human-like responses to a wide range of queries, making it much more versatile and useful for real-world applications.

People are using GPT-3 today to create chatbots and virtual assistants that can perform various tasks, from customer service to content creation. For example, AI-powered chatbots can automatically answer frequently asked questions, provide product recommendations, and even assist with financial planning.

The potential uses for GPT-3 and similar AI technologies are practically limitless, and they are already being used by corporations and entrepreneurs alike. As Dan Willingham, the Chief Learning Scientist at Pearson Education, stated, “GPT-3 has major implications for everything from language learning to content creation to customer service to virtual assistants. It’s quite amazing.”

However, some people are very concerned about the impact of artificial intelligence on our society. As AI becomes more advanced, many worry about job displacement, the potential abuse of AI systems, and the potential loss of privacy.

There is also the concern that we could become too reliant on AI technology and stop using our own critical thinking skills. As Elon Musk, a prominent business leader and entrepreneur, stated in a recent interview, “The danger of AI is much greater than the danger of nuclear warheads, by a lot. AI is really good at doing repetitive tasks, and it never gets tired. So it will be good at removing jobs that are repetitive. I think people will have time to adjust, but it’s definitely going to be a tough transition.”

Despite these fears, the rapid progress of AI technology continues to improve people’s lives in many ways. For example, AI-powered medical devices can help doctors diagnose and treat illnesses more accurately and efficiently. AI algorithms can also help improve traffic flow, reduce energy usage, and prevent fraud.

Overall, Chat GPT and other AI technologies have the potential to revolutionize our world in numerous positive ways. However, we must remain conscious of the potential risks and downsides of relying too heavily on artificial intelligence as we move forward into this exciting new era. As long as we approach AI development with caution and mindfulness, we can reap the many benefits of this groundbreaking technology while avoiding any unintended consequences.

(The above article was written entirely by ChatGPT without editing. The application used was “AI Smith.” These were the only instructions Russell spoke to the app: “Write a 500 word article that explains what ChatGPT is, who created it, and how people are using it today. Include a quote about ChatGPT from the past 60 days from an important business leader. Mention why some people are very concerned about artificial intelligence. Mention how artificial intelligence is improving people’s lives.”)

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