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AI industry eyes growth under Trump but urges policy caution

AI industry eyes growth under Trump but urges policy caution

GrafaGrafa2024/11/07 07:37
By:Liezl Gambe

Supporters of the artificial intelligence industry view Donald Trump's re-election as a potential boost for AI development but advise caution in policymaking.

Ray Wu, managing partner at Alumni Ventures, highlighted that “a positive thing” for AI innovation would be a lenient regulatory approach.

“This industry is still very young,” Wu said, emphasising the need for balanced guidelines that offer structure without stifling growth.

Trump has indicated plans to reverse the Biden Administration’s 2023 executive order, which required AI companies to report safety protocols and mandated the Commerce Department’s National Institute of Standards and Technology to advise on correcting biases in AI models.

Critics like Rep. Nancy Mace (R-SC) argued that such reporting rules could deter innovation and hinder advancements akin to ChatGPT.

However, experts like the Center for AI Policy caution against an abrupt repeal, warning it could impact the consistency of safety assessments across the industry.

“A careless or hasty repeal could negatively affect the consistency and rigor of safety testing across the AI industry,” the group noted in a statement.

Keegan McBride, an Oxford University lecturer, pointed out that both Trump and his opponent, Kamala Harris, underscored the importance of U.S. leadership in global AI.

McBride expects the administration to bolster American AI dominance by expanding export controls targeting China’s AI sector and making new internal investments.

Sanjay Patnaik of the Brookings Institution’s Center on Regulation and Markets suggested that while Trump's campaign discussed AI minimally, his previous term implies he might seek to reduce regulatory pressures.

Patnaik noted that such moves could open opportunities for smaller AI startups, potentially reshaping the landscape of innovation and competition in the U.S.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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