AI bubble burst may trigger 2008-like banking crisis, says Gary Marcus
In a recent discussion, Gary Marcus raised critical flags about OpenAI's fiscal responsibilities as the stock market faces instability. He warned that the demise of leading AI firms could trigger extensive financial repercussions. Notably, Marcus compared the current climate to WeWork's disastrous decline, suggesting that Microsoft might pick up OpenAI at a bargain.
American cognitive scientist Gary Marcus warns of a potential AI bubble burst that could trigger a banking crisis similar to the 2008 financial crisis. Marcus suggests that the failure of a major AI company like OpenAI could lead to a contagion effect, affecting the global economy. He criticizes the rapid growth of generative AI hype and calls for a recall of autonomous AI agents, arguing they are dangerous.
Despite his concerns, Marcus believes the probability of AI causing human extinction is low, but the risk of dystopia is high. He predicts OpenAI may struggle to secure its IPO, with Microsoft potentially acquiring the company for $200 billion instead of its aimed $1 trillion valuation. Marcus also warns of backlash over AI in the US mid-term elections.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
