Bloomberg reports that many technology companies, including Microsoft, Google and Nvidia, have submitted risk reports in the field of artificial intelligence to the U.S. Securities and Exchange Commission (SEC), aiming to warn their investors to avoid potential problems when they occur. Facing legal action from its shareholders.
Tech giants submit AI risk report to SEC
The report pointed out that dozens of technology companies have issued or updated AI-related risk warnings in their financial reports and submitted them to the SEC, emphasizing that even if AI flourishes, related companies may still face potential regulation or litigation. As a result, its financial reports were poor and its investors suffered losses.
It is reported that companies that submitted warnings include Microsoft, Google, Nvidia, Meta, Adobe, Dell, Oracle and Uber. Specifically, here are the warnings highlighted by each company:
Meta: AI may be used to create false information and confuse users during elections
Microsoft: Says the company may face copyright claims related to AI training and output content
Alphabet: AI tools could negatively impact human rights, privacy, employment or other social issues, leading to lawsuits or financial losses
Adobe: The spread of AI may disrupt the labor market and public demand for existing software (Photoshop)
Nvidia: Concerned that misuse of AI may lead to restrictions on its products in various countries
In fact, Microsoft is indeed engaged in legal proceedings with the New York Times. The latter accuses the former of illegally using its newspaper content together with OpenAI to make profits without permission. The outside world estimates that the potential compensation amount is as high as billions of dollars.
(Crisis in the media and publishing industry? The New York Times sues OpenAI and Microsoft for massive copyright infringement)
At the same time, Google is also investigating whether OpenAI inappropriately used YouTube content to train its products, emphasizing that even the company cannot violate its terms of service.
(Google CEO Sundar Pichai will investigate OpenAI’s inappropriate use of YouTube content)
It is reported that their purpose in submitting this risk report is to face their investors and describe possible problems, so as to prevent their shareholders from filing lawsuits against the company when their investments fail:
Companies tend to follow the lead of their peers when disclosing risks because the company may become the target of shareholder litigation if it fails to disclose risks that its peers have disclosed.
All parties strengthen AI restrictive measures
As Nvidia said, its chips have become a bargaining chip in the struggle between China and the United States. U.S. President Biden signed an executive order last year to impose restrictions on chip exports to China.
(China and the United States are competing to expand the AI industry, and OpenAI has stopped providing API services to China)
Last week, the Taiwan Financial Supervisory Commission also issued the "Guidelines for the Use of Artificial Intelligence in the Financial Industry", which provides guiding principles for the use of risk management and customer privacy protection.
The difference between risk and investment
Even as concerns about the risks of AI are highlighted, the above-mentioned companies have stepped up their efforts to invest in the AI field to avoid falling behind their peers.
A few days ago, Meta just opened a position for a generative AI (GenAI) staff; and Nvidia exposed the company's latest supercomputer architecture Blackwell at COMPUTEX 2024 last month, dedicated to large-scale AI computing applications.
This article, Nvidia and other technology giants, submitted an AI risk report to the SEC to avoid becoming the target of litigation. It first appeared on Chain News ABMedia.