WSJ Tech Live 2023: Tech Leaders Provide Clarity Between the Opportunities and Risks of AI

WSJ Tech Live 2023, the annual tech live conference, saw many global tech leaders in Laguna Beach, California, discussing the fast-paced changes brought by AI across multiple sectors and the potential and risks of AI. Some notable figures attending the conference were Sam Altman, chief executive of OpenAI; Mustafa Suleyman, CEO of Inflection AI; Chis Cox, Meta Platforms Chief Product Officer; and many more.

With such a gathering of tech leaders, it is inevitable that most of their discussion revolves around AI. For example, they touch upon how AI has become a central topic, its impact on business and society and what potential and risks AI will bring. Today, our article will look at the four main highlights of WSJ Tech Live 2023.

3 Main Highlights at WSJ Tech Live 2023

Tech Leaders Are Optimistic About the Potential of AI in WSJ Tech Live 2023

Unsurprisingly, most tech leaders in WSJ Tech Live 2023 are optimistic about the potential of AI and what it could bring business-wise to the future. For example, Michael Wolf, co-founder and CEO of consulting firm Activate, predicts that people will turn to TikTok, ChatGPT and other apps utilising AI instead of using traditional search engines. He added that the rise of open-source AI models allows smaller start-ups to compete meaningfully with larger, more established companies.

Chis Cox, Meta Platforms’ Chief Product Officer, also agrees as he mentioned: “One of the most profoundly impactful applications in the near term for AI is helping businesses be more effective.” However, Cox did take a step back and explain that it is crucial for companies to clarify what AIuses are. “Having products that experiment with what is possible is great, but having anything that does not make clear to people what is going on is a problem.”

Vince Marin, chief information officer of law firm Sidley Austin, followed up the point by stating: “Even at the highest levels, we are still trying to figure out what AI mean to our business model.” Therefore, it is pleasing to know that tech leaders will not disregard the safety of consumers for better business profit.

Sam Altman Mentions That Inexpensive Intelligence and Cheap Energy Are Most Important at WSJ Tech Live 2023

As the most prominent figure in WSJ Tech Live 2023, Sam Altman will know that his words will carry more weight than others. For example, he mentioned that the two things that will matter most in the coming decades are abundant and cheap intelligence and energy. In his own words, to make ChatGPT cheaper and faster to allow for more broadly accessible., he stated: “If we can get these two things done in the world, then it is almost, like, difficult to imagine how much else we could do.”

Therefore, OpenAI Chief Technology Officer Mira Murati mentioned in WSJ Tech Live 2023 that it is vital for them to figure out the downsides, too. “We have a fierce task to figure out the downsides and discover, understand them, and build the tools to mitigate them.” In reference, he stated that: “Our chatbots sometimes confidently espouse information that does not seem to be justified by its training data. We have made some progress on the hallucination issue with GPT-4, but we are not where we need to be. We are sort of on the right track.”

Mustafa Suleyman, CEO of Inflection AI, whose company makes a ChatGPT rival called Pi, short for personal intelligence, also voiced his concerns about addressing the risk they faced in WSJ Tech Live 2023. “Pi and other chatbots are not designed for self-doubt, making it difficult for us to know when they are wrong. This skill of uncertainty estimation is a critical part of intelligence and actually key to making them reliable.” 

Moreover, he also highlighted that he and his colleagues are discussing the potential risk of AI meddling in the US presidential election, and he hopes to establish parameters that can prevent Pi from proposing political candidates.

Tech Leaders Addresses the Risks of AI for Young Children and the Working Sector

One of the most brought-up contentions against AI is that it affects the working sector of some professions and how much time young people spend on social media apps. For example, founder and executive director Larissa May of nonprofit #HalfTheStory said kids spend an average of eight hours daily on their devices. “Social media companies should think about more than how much time young people spend on social media apps — they should find ways to measure whether apps support or harm them.” 

However, Charles Sims, chief technology officer at United Talent Agency, counterpoints that AI makes it vital for people to have skill sets that enable them to adapt as technology replaces specific specialities. “If you are talking to a college student today, it is about generalisation and trying to learn as many things possible.”

Elise Smith, CEO of Praxis Labs, reinforced that it is critical to include the next generation in discussions about using AI: “They want to be brought in and brought along on the journey. They want to be doing the innovation day, the hackathon, where they give ideas around how AI can transform their business.”

In relation to the employment issues, Adobe’s president of digital media business, David Wadhwani, said that despite fears, he sees AI as a tool that will boost employment rather than put people out of jobs. AI allows more people to become creative professionals, and we will have creative professionals being more productive than ever before and more creative professionals.”

Concluding Statement

Although there are indeed inner risks in AI, there are also many benefits in the long run for the next generation. In the words of Sam Altman: “Every technological revolution affects the job market. That is the way of progress. And we will find new and better jobs.” Are you in unanimous agreement with the thoughts of the tech leaders in WSJ Tech Live 2023? Let us know your thoughts on our Facebook, Instagram and Twitter pages.

Frequently Asked Questions 

Is AI Affecting the Crypto Sector? 

Yes. Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, who is on trial, is a topic discussed in WSJ Tech Live 2023 with Anthony Scaramucci, stating that he has committed a crime and has to go to jail for a very long time. For more information about the case, click our article here.

Will Companies Reveal AI Technology to the Public? 

No. Venture capitalist Khosla strongly warned against making the code behind advanced AI models available to the public in WSJ Tech Live 2023. To prove his point, he referenced America’s efforts to build an atomic bomb during World War II and the war between Hamas and Israel this year.

How Can Companies Stop the Abuse of AI?

For starters, companies should develop a code of ethics outlining the values and principles with relevant stakeholders, such as employees, customers, and industry experts. One example this year where tech giants failed to comply with ethics was when the Australian eSafety Commissioner called out Twitter for their half-assed replies.