U.S. Securities and Exchange Commission (SEC) chair Gary Gensler is sounding the alarm on the transformative impact of artificial intelligence (AI), saying that it may have wide-ranging impacts on the financial markets.
Reflecting on a paper he co-authored in 2020 on deep learning and financial stability, Gensler expressed a concern that only a handful of companies might build the core models foundational to the technology many businesses — and the U.S. — will adopt.
