Weak competition in AI race could hurt consumers: UK watchdog

There is a “genuine risk” that the expert system market could develop in such a way that could wind up with just a few firms dominating the marketplace, while consumers are bombarded with harmful information, according to the United Kingdoms competitors watchdog. In a report published Sept. 18, the Competition and Markets Authority looked into AI Foundation Models, concluding that while AI has the possible to alter how people live and work, “these modifications may take place rapidly and have a considerable influence on competitors and customers.” The competition regulator cautioned that in the brief term, if competition is weak, or developers stop working to heed consumer defense law, consumers might be exposed to substantial levels of incorrect information or AI-enabled fraud.In the long term, theres a possibility that a handful of companies might wind up gaining or entrenching positions of market power, which might lead them to not provide the very best items or services, or charge high costs, it said.” It is essential that these results do not arise,” said the CMA, with CEO Sarah Cardell adding: ” There stays a genuine danger that using AI establishes in a manner that undermines customer trust or is controlled by a couple of players who apply market power that prevents the full advantages being felt across the economy.” To correct this, the watchdog proposed numerous “assisting principles” to make sure “consumer defense and healthy competitors while allowing full economic advantages.” These directing principles appear to concentrate on increasing gain access to and openness– particularly when it concerns preventing companies from gaining benefits by utilizing AI models. CMA principles on AI advancement. Source: gov.ukThe U.K. competition regulator said it will publish an upgrade on the concepts and their adoption in early 2024, in addition to an insight into more developments in the AI community. It has engaged with AI developers and organizations releasing the technology already, it said. Related: 5 AI trends to anticipate in 2023 and beyondIt is not the very first time the U.K. has cautioned over fast advances in AI. In June, the British prime ministers AI task force consultant, Matt Clifford, stated the technology would require policy and control within the next 2 years to suppress major existential risks.Also in June, Japans privacy watchdog cautioned ChatGPTs parent company OpenAI about its information collection methods. Publication: AI Eye: 25K traders bank on ChatGPTs stock picks, AI draws at dice throws, and more