Former Google CEO Eric Schmidt recently spoke at the 2023 Milken Global Conference about the next phase of artificial intelligence (AI) and the need for a conversation on the matter. Schmidt, who also co-authored the book “The Age of AI,” highlighted the industry’s watershed moment and the need to address it collectively. He pointed out some of the pitfalls in the haphazard way social media developed and suggested that the good news is that when such things happen, everyone has an opinion, and everybody gets to be heard.

In his address, Schmidt was impressed with OpenAI-built ChatGPT but also cautious about its limitations. He described ChatGPT as a college student who got an A in English and writing but a C or D in facts. With ChatGPT, he said, the system begins to hallucinate and get confused. Therefore, the task now is to build systems that are much more knowledgeable and make far fewer errors, and that’s already underway.

Corporate America has a delicate line to walk as companies brace for massive changes with the next iterations of AI being built and tested. Schmidt warned that those who adopt the technology early will likely have a significant advantage. It’s a very significant change because the arrival of intelligence means the systems will become much more powerful, he said. It will take a while before we see the implications of this, and he explained that it’s typically a decade before we see the transformative nature of technology.

Schmidt’s remarks were an urgent call for the tech industry to take AI to the next level, despite the significant progress made in AI. The former CEO’s cautionary words highlight the importance of understanding the limitations of AI, especially since the technology has become so ubiquitous. The conversation about AI should also include a broader discussion about the ethical implications and how to ensure that the technology benefits society as a whole.

The AI revolution is well underway, and Schmidt’s words remind us that we must take a measured approach to its development. As the tech industry seeks to innovate, it’s essential that we balance technological advancements with an ethical approach to ensure that AI continues to be a tool for good. Schmidt’s call to action is timely and necessary, and it’s up to the industry to heed his words and build a future that is sustainable and beneficial for all.

By: Mr. WWK