Technology

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People should not assume a positive outcome from the artificial intelligence boom, the UK’s competition watchdog has warned, citing risks including a proliferation of false information, fraud and fake reviews as well as high prices for using the technology.

The Competition and Markets Authority said people and businesses could benefit from a new generation of AI systems but dominance by entrenched players and flouting of consumer protection law posed a number of potential threats.

The CMA made the warning in an initial review of foundation models, the technology that underpins AI tools such as the ChatGPT chatbot and image generators such as Stable Diffusion.

The emergence of ChatGPT in particular has triggered a debate over the impact of generative AI – a catch-all term for tools that produce convincing text, image and voice from typed human prompts – on the economy by eliminating white-collar jobs in areas such as law, IT and the media, as well as the potential for mass-producing disinformation targeting votes and consumers.

“There remains a real risk that the use of AI develops in a way that undermines consumer trust or is dominated by a few players who exert market power that prevents the full benefits being felt across the economy.”

In the longer term, a handful of firms could use FMs [foundation models] to gain or entrench positions of market power and fail to offer the best products and services and/or charge high prices.”

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