Securities and Exchange Commission (SEC) Chairman Gary Gensler warned in a new interview that artificial intelligence (AI) will eventually lead to financial crises. “This technology will be the center of future crises, future financial crises,” Gensler told The New York Times. “It has to do with this powerful set of economics around scale and networks.” Gensler predicted the future business systems in the U.S. will be reliant on two or three foundational models, which he says would make a financial crash more likely due to “herding,” which means all companies will rely on the same information. The SEC proposed a new rule last month that would require investment advisers to rid co
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