SEC Chairman Gensler warns of financial risks of AI 'monoculture'
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Securities and Exchange Commission (SEC) Chairman Gary Gensler said the centralized artificial intelligence (AI) market, where financial players rely on only a handful of models, is fragile financial system.
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Gensler speaks at sponsored virtual fireside chat CitizensHe said he has high hopes for AI. He likens the trend toward centralization to the cloud provider and search engine markets.
“Try counting on the fingers of one hand how many cloud providers there are in the United States. Even fewer fingers, how many platforms will it take to do the dominant search in this world?” he said.
“I think it's probably inevitable that we'll have two or three, if not three, separate base models and data aggregators, measured on the fingers of one hand,” he added.
The pattern is Creating a “monoculture” Hundreds and thousands of financial stakeholders It relies on central data and central selection models, he said.
Gensler said financial regulators do not have the power to oversee a “central node” on which the entire financial sector is likely to rely.
“And when those nodes are wrong, you end up with monoculture moving in one direction. Risks for this society and the financial sector as a whole'' Gensler said.
Read the full report at TheHill.com.
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