Margrethe Vestager, the EU technology chief, has announced that a draft code of conduct on artificial intelligence (AI) could be drawn up within weeks. This will allow the industry to commit to a final proposal very soon. Policymakers and industry leaders have expressed concern about AI, especially generative AI such as ChatGPT, which creates content. Some have compared it to the risks posed by pandemics and nuclear war. Ms Vestager believes that the US and the EU should push for a voluntary code of conduct to provide safeguards while new laws are being developed.
Ms Vestager, who is a vice president of the European Commission, said, “Generative AI is a complete game-changer. Everyone knows this is the next powerful thing. So within the next weeks, we will advance a draft of an AI code of conduct.” She added that she hoped there would be a final proposal very soon that industry could sign up to. The EU’s AI Act, with rules on facial recognition and biometric surveillance, is still going through the legislative process. However, Vestager believes that this is way too late. She said, “In the best of cases, it will take effect in two and a half to three years’ time. We need to act now.”
Leaders of the G7 nations called earlier this month for the development of technical standards to keep AI trustworthy. They urged international discussions on topics such as governance, copyright, transparency, and the threat of disinformation. Ms Vestager said there needs to be agreement on specifics, not just general statements. She suggested that the EU and the US could help to drive the process. She said, “If the two of us take the lead with close friends, I think we can push something that will make us all much more comfortable with the fact that generative AI is now in the world and is developing at amazing speeds.”
Meanwhile, Intel’s shares rose by about 5% after the chipmaker’s finance chief said the company is on track to hit the upper end of its second-quarter revenue forecast. Semiconductor stocks have rallied over the past week after gaming and AI chip company Nvidia forecast quarterly revenue that stunned analysts, with the firm betting on the rapid adoption of AI tools. Intel’s finance chief, David Zinsner, said, “We’re going to track at $12bn (€11.25bn) to $12.5bn as we close out the second quarter.” He believes that Intel will be able to ride the AI wave as its foundry services could provide wafers to customers that have products for the AI market. The company posted its biggest quarterly loss in the first quarter as it ramped up production and investments in manufacturing plants.
In conclusion, the EU technology chief believes that a draft code of conduct on AI could be drawn up within weeks, allowing industry to commit to a final proposal very soon. Policymakers and industry leaders have expressed concern about AI, especially generative AI such as ChatGPT, which creates content. The EU’s AI Act is still going through the legislative process, but Vestager believes that this is way too late. She believes that there needs to be agreement on specifics, not just general statements, and that the EU and the US could help to drive the process. Meanwhile, Intel’s shares rose by about 5% after the chipmaker’s finance chief said the company is on track to hit the upper end of its second-quarter revenue forecast.
