When ChatGPT hit the scene a few months back, the rip-roaring rally for anything artificial intelligence related was on.
Fast forward to today, and said rally has flamed out rather quickly. Not only have the artificial intelligence-related stocks begun to give back their gains received during the rally, but there is a national backlash swirling across the US.
In Washington, both Congress and the President are questioning whether artificial intelligence is a good thing. President Biden recently said, "Technology companies have a responsibility to make sure their products are safe before making them public." He was asked if AI was dangerous and responded, "It remains to be seen. Could be."
Even Congress is looking into AI and its safety. A nonbinding measure was recently introduced by Rep. Ted Lieu, D-Calif., which will direct the house to look into artificial intelligence.
Interestingly enough, the bill was actually written by the chatbot ChatGPT, which really put AI in the spotlight.
ChatGPT became a household name and really started the AI rally on Wall Street after it was announced the popular website BuzzFeed was planning to use the chatbot to write articles and create content. This occurred on January 26th, 2023. AI technology began to come under fire at the end of March, early April 2023.
Although, even at the beginning of the ChatGPT explosion, some experts and journalists were already calling out ChatGPT for returning historically inaccurate information when asked basic questions. These mistakes raised concerns, even during the beginning of the AI hype, about how trustworthy artificially intelligent machines' answers would be.
The answer is only as reliable as where the answers are originally coming from. Continue reading "AI Technology Taking Heat"
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Perry J. Kaufman is a market strategist known for his knowledge and experience in computer-based trading systems applied to world futures and financial markets. His publication, The New Commodity Trading Systems and Methods (John Wiley & Sons, 1987), has become the technician’s required reference. In 1984, he published the comprehensive Handbook of Futures Markets (Wiley). An earlier book of research papers, Technical Analysis in Commodities (Wiley, 1980), has been translated into Japanese. Perry founded the Journal of Futures Markets (Columbia University and John Wiley & Sons), a vehicle for gathering academic research on market analysis. He is series editor of Wiley’s Trader’s Advantage, and his latest book, Smarter Trading, was released by McGraw-Hill in 1995. Perry specializes in the application of technical and fundamental (statistical) analysis to the development of trading and risk management programs for both commercial and private investors. Much of this work is based on price theories and techniques he has researched and developed since 1971. He combines the ability to integrate computer technology and strategic allocation with traditional investment approaches in order to achieve realistic objectives. Perry is particularly interested in closing the gap between theoretical and actual results, concentrating on the world’s stock index, foreign exchange, interest rates, and energy markets. Perry is director of research for Kaufman, Diamond, and Yeong, a consulting firm serving the financial industry in the United States and Singapore. In addition to providing risk management, education, and training, the firm publishes Kaufman on Market Analysis, a periodic report on the applications and development of trading strategies. In Singapore, the company provides market-related educational services and is developing trading strategies using new technologies (such as neural nets and artificial intelligence) under a grant from the Singapore government.
