The UK wants to catch up in the global AI race – but is too wary of risks to go all-in
Summary
The UK wants to grow its share in the global race for AI technology but is cautious about the risks, including potential financial problems. Meanwhile, OpenAI faces legal challenges from Apple over allegations of stealing trade secrets, which could affect OpenAI’s plans to go public with a very high valuation.Key Facts
- The Bank of England plans to relax some lending rules to encourage more investment in AI.
- The central bank is worried about loans going to hedge funds buying AI stocks, raising the risk of a market bubble.
- Bank of England Governor Andrew Bailey warned about three risks related to AI: too much investment, slower adoption, and fast changes leaving some companies behind.
- The UK is trying to catch up with the US and China in AI but is hesitant to invest heavily because of financial risks.
- OpenAI was sued by Apple for allegedly stealing trade secrets to build its own hardware.
- Apple and OpenAI had a cooperative relationship two years ago, which has since worsened.
- OpenAI recently paid $6.4 billion to acquire a startup led by Jony Ive, a former Apple design chief.
- The lawsuit names a former Apple vice-president who now works on hardware at OpenAI.
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