I Am an Investor in OpenAI — Here’s What Other Investors Must Consider About The Biggest Risks and Benefits of AI

While AI has been in existence since the 1950s, it has only just recently become a household name with the introduction of OpenAI’s ChatGPT less than two years ago. As an investor in both OpenAI and xAI, I continuously ask myself the ethical ramifications of this new technology, how intelligent it is and whether it is the best path forward for humanity. As an experiment, I asked ChatGPT its opinion about artificial intelligence (AI) systems in today’s society, and this is what it had to say:

“As an artificial intelligence language model, I do not have personal opinions or beliefs. However, I can provide an objective analysis of AI systems in today’s society. AI has brought about numerous benefits to society, such as improved efficiency, accuracy, and decision-making processes. It has also contributed to advancements in medical research, transportation, and various other industries. However, the deployment of AI systems in today’s society also presents potential risks, such as job displacement, privacy concerns, and the possibility of biased algorithms. Therefore, it is crucial to ensure that AI is developed ethically and responsibly to mitigate these risks and ensure that the technology benefits society as a whole. In summary, AI systems have immense potential to positively impact society, but their deployment must be done with careful consideration and ethical responsibility.”

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While this response shows AI is still robotic and objective in its methods of “thinking,” it is also, in fact, intimately aware of the ethical concerns bearing over its use. At this critical point in history, where we sit at the precipice of mass AI adoption, we still can’t seem to decide whether AI will be our savior or our villain. Ultimately, it comes down to the applications and responsible management of AI systems.

As an investor, I am in the unique position of being able to help push these new AI companies forward. In the last two years, we have seen a “gold rush” of AI startups. Many have raised impressive rounds; many have faltered, and some have already seen acquisitions. However, the first two I have invested in OpenAI and xAI are now well-known. The former for its ability to have tackled the challenge of global mass adoption and the latter for its commitment to building a more ethical system for the AI ecoverse.

When it comes to applications in AI, it’s safe to say that humans have always strived to create tools to make our lives easier; this is not new. Historically, “mechanical muscles” and outsourcing shifted physical labor. Now, we’re at the point where “mechanical minds” will unleash a cascade of applications across industries. Automation has evolved from more than just the physical.

One major development pushing forward the AI adoption frontier is Microsoft’s continued investment in OpenAI. This partnership will likely lead to everything from optimized Excels to AI-generated PowerPoints and even more support in email management. Upper-class work is now also ripe for disruption.

In finance, AI can be leveraged in various ways. AI algorithms can identify patterns of behavior, such as unusual transactions or identity theft, allowing financial institutions to detect and prevent activities quickly. AI can also analyze market trends and make assumptions about future trends, assisting institutions in making more accurate decisions.

While this is only one sample of industry transformation, there are some areas of work that will be impacted less by AI. These industries are those operating in information asymmetry — such as early-stage venture capital. For AI to work effectively, the model must have access to data. Industries whose data is private, segregated and complex cannot train and build inferences in the same way that a model based on publicly available information can. The strength of AI is dependent on the value of its underlying data and model, which in turn is dependent on the quality of the rules set forth by the humans crafting the algorithms.

In terms of management, we must continue to maintain an element of skepticism and criticism as the growing adoption of AI increases. These tools will continue to develop, but they should not be treated as an all-knowing source of truth. Again, this is critical because these systems only know what is in their underlying systems. As people, investors and business-minded individuals, we must acknowledge the strength of these systems while also considering the fact that they must be constantly maintained. While AI employs a constantly evolving algorithm that learns from itself and experiences, we must still continue to adjust the rules and data sources supporting these AI systems.

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Diversity of thought and perspectives is critical for those who have the power to develop these systems. A system created by humans with biases will intrinsically be biased as well. We must maintain human values in control of the systems. In today’s society, where truth seems to be subjective, belief in these systems can be both extremely advantageous and extremely detrimental. We must refrain from programming systems to tell people what they want to hear. It is important for people to understand and respect the limitations of AI.

At the same time, just because humanity is capable of doing something doesn’t always mean it should. We could likely replace most jobs with AI, but should we? Where do we draw the line? How do we ensure honesty and integrity in future systems and platforms? This is part of what xAI and OpenAI have committed to tackling and why I have believed in and supported them from the beginning.

AI will undoubtedly transform all of our lives, but this transformation will only be positive if we continue to be critical stewards of truth and information. As investors, I encourage everyone to maintain a healthy dose of skepticism when investing in AI-powered solutions. Look at the human beings who stand behind those systems because their beliefs are the ones teaching and driving the solution.