Nasdaq adopts newer AI

Engineers and traders at Nasdaq work hard to implement the latest version of artificial intelligence, according to Reuters, and are looking to use it to create content based on historical data and sources, which could enable blogging, for example. Verafin, a division of Nasdaq, held a hackathon to explore the use of artificial intelligence to fight financial crime and found it capable of writing investigative reports. It plans to use it to tackle wire transfer fraud and to detect forged checks, as the world faces a race to create deepfakes, according to company vice president Brad Peterson. The company's employees must undergo training before they are allowed to use the AI in their work. Meanwhile, the use of artificial intelligence is not unusual at Nasdaq, as the company has been using other, previously available forms of it for several years.

Warnings from the OCED

The Organisation for Economic Co-operation and Development (OECD) does not yet share the enthusiasm for deeper adoption of AI in the day-to-day operations of companies. It has called on member states to be more cautious when considering its negative impacts. According to the organisation, this revolution in the technology sector could cause massive changes in the working environment. Generative AI could lead to the replacement of many jobs and raise ethical issues as employees realise that their work can be done more reliably and to a much higher quality by a machine. According to the OECD, AI could replace more than a quarter of jobs in member countries. As a result, three out of five workers fear that AI could put more than 300 million people out of work over the next ten years.

GDP boost

However, AI has its undeniable benefits. Through automation, it can boost economic growth and increase GDP by 7%.1 Any downward pressure on wages due to AI could be helped by minimum wages and collective bargaining. The OECD has called on governments to look more closely at this issue and in particular to ensure that the use of advanced AI does not compromise workers' rights and privacy.

IBM and Amazon are also considering implementing

IBM is considering using its own Artificial Intelligence Unit chips to run a cloud computing service to cut costs. It has previously used its own artificial intelligence system, Watson, but it fell short of current languages. The chip is not intended to replace Nvidia's high-end products, but to offer a cheaper alternative. Google and Amazon already have their own chips, and Amazon is promoting its new venture through Amazon Web Services (AWS), raising the bar for using cloud services through its Titan AI models. Together with Microsoft, these companies will compete in the near future to see who can provide the most cost-effective yet highest quality cloud services, which should mean a broad consumer offering and support the development of more advanced technologies [2].

Olivia Lacenova, principal analyst at Wonderinterest Trading Ltd.

[1,2]Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or the current economic environment, which may change. Such statements are not guarantees of future performance. They involve risks and other uncertainties that are difficult to predict. Results may differ materially from those expressed or implied by any forward-looking statements.