AI has led to massive investment in global tech companies in recent months. But some of the sector’s leading thinking are also urging caution
How we are going to deal with the rise of AI is shaping up to be one of the biggest questions of the 21st century.
While it is leading to massive investment as tech companies race to capitalise on the booming sector, some of the technology’s leading thinkers have been ringing alarm bells over its possible dangers.
“It’s obvious especially with today’s AI, computers can pass every ‘are you a human test’”, said Tesla boss Elon Musk at a recent panel. “In fact, I think they can pass a ‘are you a human test’ better than a human.”
Microsoft sounder Bill Gates has drawn parallels between the immense power of AI and that of nuclear energy and weapons.
Proponents of AI will say that this technology offers numerous benefits to various industries, including healthcare, finance, transportation, and manufacturing.
By automating routine tasks, AI technology can improve efficiency, accuracy, and productivity.
RBA maintains 4.35% rates as mortgage applications surge
The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.
This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.
The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.
Experts are divided on whether the RBA’s decision is the right course of action.
Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.
In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.
There’s a 50/50 chance of a 2024 recession
The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?
The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.
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Tesla insurance sued for ‘inflated’ premiums, judge rules
A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.
The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.
The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.
The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.
Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.
It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.
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