Dimon expressed his belief that AI has the potential to revolutionise every aspect of JPMorgan’s operations, from trading and hedging to research and error detection. He described AI as a “living, breathing thing,” capable of transforming traditional processes and augmenting human capabilities.

Dimon’s enthusiasm for AI is grounded in its current applications within JPMorgan. He revealed that AI is already extensively used in equity hedging, idea generation, and large language models.

Despite the ongoing debate about the impact of AI on employment, Dimon remains pragmatic. He acknowledged that AI will replace certain jobs, but he emphasised that technology has historically led to job displacement and this evolution is a natural part of progress.

One of Dimon’s main concerns about AI technology revolves around its potential misuse by malicious actors, especially in cyberspace. He stressed the importance of establishing legal safeguards to prevent the misuse of AI.

Despite these concerns, Dimon remains optimistic about the positive impact of AI on the workforce and society. He highlighted the benefits of other technological breakthroughs, many of which can be further enhanced using AI.

“Your children will live to 100 and not have cancer because of technology, and they’ll probably be working three days a week. So technology’s done unbelievable things for mankind,” said Dimon.

Dimon outlined JPMorgan’s proactive approach to potential job displacement caused by AI implementation. He expressed the firm’s commitment to supporting employees who might be affected, stating that they plan to redeploy displaced workers in local branches or different functions within the company.

Dimon’s forward-thinking approach highlights the transformative power of AI in shaping the future of finance and other industries. However, it also reiterates the need for consideration of how to minimise negative impacts such as job displacement.

(Image Credit: Stuart Isett/Fortune Global Forum under CC BY-NC-ND 2.0 DEED license)

See also: Cyber Security & Cloud Expo: The alarming potential of AI-powered cybercrime

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Digital Transformation Week.

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Gensler, who has been vocal about the risks and challenges posed by the cryptocurrency industry, now believes that AI is the technology that “warrants the hype” and deserves greater attention from regulators.

Gensler’s interest in AI dates back to 1997 when he became intrigued by the technology after witnessing Russian chess grandmaster Garry Kasparov’s infamous loss to IBM’s supercomputer, Deep Blue.

As an MIT professor, Gensler delved deeper into the study of AI, co-authoring a significant paper in 2020 that highlighted the risks posed by deep learning in the financial system.

His concern over the potential implications of mass automation using AI in the finance sector has led him to reevaluate regulatory approaches. Gensler believes that while AI can bring immense benefits to financial firms and their clients through enhanced predictive capabilities, it also carries significant risks that need to be addressed.

“Mass automation can have cascading implications for trillions of dollars in assets that trade on markets overseen by the SEC,” warns Gensler.

One of Gensler’s key concerns is the potential use of AI to obscure responsibility and accountability when things go wrong. Coordinating AI models among major trading houses could lead to increased market volatility and instability, a phenomenon that current regulatory regimes might not be equipped to manage.

As a result, Gensler has taken a proactive step by proposing one of the first regulatory frameworks for AI in the finance industry. His proposal requires trading houses and money managers to carefully evaluate their use of AI and predictive data to identify any conflicts of interest, especially when the interests of clients clash with company profits.

However, this shift in focus does not mean the SEC is easing its crackdown on cryptocurrencies.

Under Gensler’s leadership, the SEC has actively pursued legal action against major crypto firms like Ripple, Binance, and Coinbase. Several lawsuits are currently pending, signalling that the SEC remains committed to enforcing its actions against cryptocurrency companies that engage in scams and fraudulent activities.

Gensler’s emphasis on AI comes at a crucial time when the technology is making rapid strides in automating various financial processes.

While AI holds tremendous promise in revolutionising the industry, its unchecked growth could also lead to unforeseen challenges. By directing the SEC’s attention towards AI, Gensler aims to strike a balance between promoting innovation and safeguarding market integrity and investor interests.

(Photo by Petri Heiskanen on Unsplash)

See also: AI Act: The power of open-source in guiding regulations

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The event is co-located with Blockchain Expo.

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While making some recovery in the past couple of weeks, the crypto market has suffered a horrid couple of months. Bitcoin crashed around 50 percent between November 2021 and the end of January 2022. As of writing, the largest cryptocurrency remains around 37 percent down while many “altcoins” have still lost over 50 percent of their value.

DynaSets combine AI algorithms with professional hedge fund traders in a bid to maximise profits and minimise losses in a notoriously volatile market (although the same could be said for the “stonk” market in recent weeks…)

Marcello Mari, CEO of SingularityDAO, said:

“I’m impressed by the preliminary results from the beta version of our DynaSets.

Over the next month, we’ll be further empowering our traders with more tools including the ability to short the market and execute trades with leverage.

We’ll also be launching real machine learning tools that have never been used in the crypto market before.”

Since the beta launch of DynaSets on 20 December 2021:

• Bitcoin DynaSet shows 10.3% better performance over just “hodling” Bitcoin
• Ethereum DynaSet shows 12.59% better performance over hodling Ethereum

“As we move closer to our 1.0 product offering, we will further improve on the performance we demonstrated with our beta. That is, deliver further and further automation with a constant focus on crypto asset protection and AI safety,” commented Chris Poulin, CTO.

The combination of SingularityDAO’s AI algorithms and professional traders were reportedly able to identify potential triggers for the crypto decline including the Fed’s hawkish policy shift, electricity price rise, and political instability of the world’s second-largest producer of bitcoin, Kazakhstan.

As of writing, two DynaSets have been launched for the two largest cryptocurrencies: Bitcoin and Ethereum.

In 2020, full-stack AI solution SingularityNET announced that it was collaborating with Cardano due to Ethereum’s issues.

Earlier this month, Goertzel announced HyperCycle—a lightweight layer 2 architecture designed to enable inexpensive, high-speed, large-scale on-chain execution of microservices and specifically designed to optimise AI-related processes.

HyperCycle leverages TODA/IP ledgerless protocol, SingularityNET’s Proof of Reputation, and Cardano’s EUTxO model and Hydra sidechain framework.

Cardano seems a prime candidate for one of the next DynaSets that SingularityDAO launches.

(Photo by Jared Schwitzke on Unsplash)

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo. The next events in the series will be held in Santa Clara on 11-12 May 2022, Amsterdam on 20-21 September 2022, and London on 1-2 December 2022.

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