SEC chair warns centralized AI could lead to ‘fragile’ financial system   ...Middle East

Securities and Exchange Commission (SEC) Chair Gary Gensler said Wednesday that a centralized artificial intelligence (AI) market with just a handful of models that financial actors rely on could lead to a fragile financial system.   Gensler, speaking in a virtual fireside chat hosted by Public Citizen, said he expects AI to tend toward centralization, likening it to the cloud provider and search engine markets.  “Count up on the fingers of one hand how many cloud providers we have in the US, and in even fewer fingers on the hand how many platforms we have to do search, dominant search in this world,” he said.   “I believe it is likely inevitable that we will have, measured on th

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